Navigating the global tax compliance landscape successfully is complex and resource-intensive. Every country has a specific and constantly evolving set of legislated e-invoicing requirements.
Non-compliance, intentional or not, can result in significant financial penalties, business disruption, and reputational damage.
On 7 November, the Parliament of Singapore approved the Goods and Service Tax (Amendment) bill passing two GST rises beginning 2023.The GST rate increases will be staggered over two stages: (i) from 7% to 8% with effect from 1 Jan 2023; and (ii) from 8% to 9% with effect from 1 Jan 2024. To prepare GST-registered businesses for the first rate change, the government has published the e-Tax Guide: 2023 GST Rate Change: A Guide for GST-registered Businesses, and a set of Frequently Asked Questions supplements the e-Tax Guide.
The Singaporean government has decided that the planned GST increase from 7% to 9% will not take place in 2021. The Finance Minister has however emphasised base GST will need to be raised at some point between 2022 and 2025. This is mainly to support government revenue to fund rising healthcare expenditure.
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