Singapore Tax Agency Updates FAQs on 2023 GST Rate Changes

The Singaporean Inland Revenue Authority Sept. 6 updated its FAQ guidance on the 2023 GST rate change. The GST rate increases to 8 percent from 7 percent on Jan. 1, 2023, and to 9 percent on Jan. 1, 2024. Updates include additional questions on: 1) goods imported after Jan. 1, 2023, for which the GST payment import permit reflects the 7 percent rate; 2) goods sold on consignment; 3) invoice requirements for transactions and billing straddling Jan. 1, 2023; 4) volume rebates for supplies made prior to Jan. 1, 2023; and 5) record keeping requirements. The updates also include editorial ...