Singapore: Amendments for 2022 GST bill
Singapore’s Ministry of Finance introduced discussions on the GST amendment bill for 2022 budgetary measures.
The amendments include:
- GST rate increase from 7% to 8% which will take effect from January 1, 2023, until December 31, 2023.
- GST rate increase from 8% to 9% which will take effect January 1, 2024.
- The implementation of a zero-VAT rate for travel arranging services effective January 1, 2023.
- Change of GST transition rules for all imported goods and non-digital service
- The overseas vendor registration and reverse billing regulations for TAX security will be enhanced from January 1, 2023.
- A non-compliant fine of (EUR 500,000) and a 10-year maximum imprisonment term will be imposed effective January 1, 2023.
Source: mof.gov.sg
