Singapore Tax Agency Updates FAQs on 2023 GST Rate Change

The Singaporean Inland Revenue Authority Aug. 5 updated FAQs for GST-registered businesses on the 2023 GST rate change. The FAQs cover the incremental increase to 8 percent from 7 percent on Jan. 1, 2023, and to 9 percent on Jan. 1, 2024, announced in Budget 2022. Topics covered include: 1) how the rate change applies to scenarios such as trade-ins, installment payments, real estate commissions, imports, and warranty replacements; 2) price display requirements; 3) invoice requirements; 4) customer returns; 5) record keeping requirements; 6) administrative concessions related to General Interbank Recurring Order (GIRO) and check payments; and 7) bad debt ...