NAVIGATION

1.  GST RATE

As announced in Budget 2018, the GST rate is planned to go up from 7% to 9% between year 2021 and 2025. This is necessary as the Minister foresee support in higher healthcare and other needs in the near future.

In Budget 2020, the Finance Minister had unveiled that the GST rate remains unchanged at 7% till year 2021. However, the increase cannot be put off indefinitely and is expected to increase to 9% sometime between year 2022 and 2025.

The Government will give ample time to all Singaporean before announcing the increase in GST rate and assures that the Singapore tax system and transfers will remain progressive. GST will continue to be absorbed on publicly-subsidised healthcare and education. In addition, assurance package will be introduced along with the increase of the GST rate.

Esther Mok
Tax Principal , Paul Wan & Co.
Esther Mok is a Fellow member of The Association of International Accountants, UK and an Approved Accredited Tax Advisor specializing in both Income Tax and GST with Singapore Institute of Accredited Tax Professionals (SIATP). She has behind her more than 20 years of tax experience dealing with international and local clients.
em@pwco.com.sg
×
Esther Mok
Tax Principal , Paul Wan & Co.
Esther Mok is a Fellow member of The Association of International Accountants, UK and an Approved Accredited Tax Advisor specializing in both Income Tax and GST with Singapore Institute of Accredited Tax Professionals (SIATP). She has behind her more than 20 years of tax experience dealing with international and local clients.
em@pwco.com.sg
Latest Posts
  • Words Tax Guide Singapore Corporate Capital Gains Tax against background of two asian employees discussing in an office. Accounting documents and a model house on a desk.
  • Words Tax Guide Singapore Enhanced Loss Carry-Back Relief System against background of downtown Singapore city skyline
  • Words tax guide corporate income tax capital allowances against background of a desktop computer, mouse and keyboard on a wooden table.
  • words tax guide Singapore corporate tax form c and form c-s against background of a corporate employee using a laptop on a desk

Boost your tax savings and ensure compliance.

Request a Consultation Today
 FIND A TAX PARTNER