Singapore GST Update
Singapore Goods & Services Tax (GST) Rate Change
The Minister for Finance announced in Budget 2022 that the GST rate will be increased in 2 steps:
- from 7% to 8% with effect from 1 Jan 2023; and
- from 8% to 9% with effect from 1 Jan 2024
Generally, where GST is chargeable on an insurance policy, the amount of GST chargeable for policies incepting in 2023 and expiring in 2024 will depend on when the premiums for such policies are paid.
To ensure you are not subject to the higher GST rate, you are encouraged to pay your premiums for policies incepting in 2023 and expiring in 2024 in full prior to 31 December 2023.
If your policy anniversary date or new policy inception date is on or after 1 January 2024, you will be subject to the new GST rate of 9%.
For more information on the GST rate increase taking effect from 1 January 2024, please visit the Inland Revenue Authority of Singapore website at Goods and Services Tax (GST): What it is and how it works.