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Thursday, February 2, 2023
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GST IN S’PORE IS NOW OFFICIALLY 8% WITH EFFECT FROM 1 JAN – HAPPY NEW YEAR

The GST in Singapore will go up to 8 percent in 2023 and then subsequently 9 percent in 2024, as announced by Finance Minister Lawrence Wong in his budget speech.

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The GST increase from 7 percent to 8 percent will take place on 1 Jan 2023 while the increase from 8 percent to 9 percent will take place on 1 Jan 2024.

The increase in GST as said by Mr Wong is necessary for the country’s healthcare expenses and also for supporting seniors.

He added that the increase was planned in two stages taking into account the current overall situation in Singapore such as the pandemic, the current economy in the country as well as inflation.

GST on essentials like public subsidised healthcare and education will continue to be borne by the Government.

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All Town Councils will receive an additional sum of $15 million per year to make up for costs of GST payable on service and conservancy charges (SCC).

Other Government fees and charges in 2023 will remain the same and they are fees from licensing, fees charged by government agencies for services provided as well as school fees in ITEs and Polytechnics and carpark rates.

There will also be a Committee against Profiteering set up to deal with businesses who tries to use GST as a cover for increasing their prices.

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