{"id":2016,"date":"2022-10-25T18:02:37","date_gmt":"2022-10-25T10:02:37","guid":{"rendered":"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/?p=2016"},"modified":"2022-10-27T11:28:39","modified_gmt":"2022-10-27T03:28:39","slug":"companies-should-be-prepared-for-gst-hike-on-1-january-2023","status":"publish","type":"post","link":"http:\/\/webpreview.sg\/mms\/companies-should-be-prepared-for-gst-hike-on-1-january-2023\/","title":{"rendered":"Companies should be prepared for GST hike on 1 January 2023"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2016\" class=\"elementor elementor-2016\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-14ea1614 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"14ea1614\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-280712e8\" data-id=\"280712e8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-10583e9 elementor-widget elementor-widget-text-editor\" data-id=\"10583e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>From 1 January 2023, Singapore&#8217;s Goods and Services Tax (GST) rate will increase to 8%. A further increase to 9% is scheduled for 1 January 2024. The hike in the GST rate serves to fund Singapore&#8217;s revenue and spending needs sustainably.<\/p><p>According to a checklist from IRAS, companies should do the following to prepare for the GST rate increase:<\/p><ul><li>Update their accounting and invoicing systems to incorporate the new GST rate<\/li><li>Update their point-of-sales systems to incorporate the new GST rate<\/li><li>Comply with price display requirements for the new GST rate according to IRAS guidelines<\/li><li>Make preparations to appropriately apportion the values of goods and services delivered before and on or after 1 January 2023<\/li><li>Inform their customers of potential GST adjustment to invoices under the GST rate change transitional rules laid out by IRAS<\/li><li>Review all contracts and agreements to reflect the correct GST rate borne by each party<\/li><\/ul><p>Although staggering the increase in GST aims to give businesses and Singaporeans more time to adjust, it also increases the cost to businesses to prepare for the rate change twice. Companies should prepare early for the increase where possible, as penalties for non-compliance may be higher due to the higher GST rate. In addition, errors during submission for <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/services\/taxation-services\/gst-filing-services\/\">GST filings<\/a> will be costlier as penalties are generally imposed based on the value of tax underpaid or over-claimed.<\/p><p>Businesses not ready for the rate change should engage tax advisors or companies providing GST and <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/accounting-services\/accounting-bookkeeping-services\/\">accounting services in Singapore<\/a> to hasten their preparations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ede61d elementor-widget elementor-widget-spacer\" data-id=\"2ede61d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a9ee7e3 elementor-widget elementor-widget-html\" data-id=\"7a9ee7e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"text-center tab-contact-btn\"> <a class=\"default-btn red\" href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/contact-us\/\">Get In Touch<\/a><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f983722 elementor-widget elementor-widget-spacer\" data-id=\"6f983722\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>From 1 January 2023, Singapore&#8217;s&#8230; <\/p>\n","protected":false},"author":10,"featured_media":2017,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-business-updates-in-singapore","entry"],"acf":[],"_links":{"self":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/2016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/comments?post=2016"}],"version-history":[{"count":0,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/2016\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media\/2017"}],"wp:attachment":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media?parent=2016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/categories?post=2016"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/tags?post=2016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}