The subsequent rate hike of another 1% will take effect on 1 January 2024 raising the GST rate to 9%. The rate change was initially initiated with a preliminary 1% increment to 8% from 1 January 2023 as part of the two-step GST rate change. Since 1 July 2007 the GST rate has remained unchanged until announcements were made in Budget 2022 to raise it to 9% by 2024. It was first introduced on 1 April 1994 at a rate of 3% and is levied on all goods and services supplied by GST-registered persons, including imports into Singapore. One of the expenses that affects all of us when buying goods or services in Singapore is the Goods and Services Tax (GST). #1 Goods And Services Tax (GST) Set To Increase To 9% From 1 January 2024
Here’s a summary of the key rate increases that will affect us in 2024. Over the course of the year, both government and private bodies have made announcements regarding rate adjustments, either already implemented this year or set for the upcoming year, 2024. By now many of us would have undoubtedly experienced the impact of the rising of living, whether felt from the higher expenses for our everyday necessities or increased admission fees to attractions during our travels, such as the Louvre Museum in Paris or Disney World in Japan.
