|Update:||Compliance Alert - GST rate to gradually increase as of 2023|
According to Budget 2022, the Singaporean Government will raise its goods and services tax (GST) to 8%, starting 1 January 2023.
As of 1 January 2024, a further GST increase to 9% is expected.
Currently, the GST in Singapore is 7%, implemented since 1 July 2007.
The revenue from the increasing GST will support the Singaporean healthcare expenditure, considering the rise of the senior population in the country.