TIGER CONSULTING ASIA
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Singapore GST Rate Increase 2023
April 3rd, 2023
As Singapore faces an increase in its ageing population, healthcare spending at its rate is expected to add up to 3.5% of GDP. It is projected that by 2030, nearly one in four Singaporean citizens is expected to be 65 years old and above. As a result, it is projected that the Singapore government is expected to build more hospitals and clinics and plans on offering subsidies on medication to support its seniors and reduce future healthcare costs. As a result, on January 1, 2023, Singapore raised its goods and services tax, the GST. This increase went from 7% - 8%. Singapore’s next GST hike will take place on January 1st, 2024 from 8% to 9%.
The GST is a consumption tax applied on nearly all goods and services in Singapore. In the past, the GST only applied to imported goods valued above (S)$400 and will now be imposed on lower-value imported goods valued up to (S)$400 as well. Now with the change, all goods and services imported into Singapore, including imported goods purchased online, will be subject to the tax.
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Sincerely,
Mercy Mildener
Public Relations and Marketing Consultant
