News

Forum: Ongoing efforts to help businesses with smooth transition to new GST rate

We thank Mr Woon Wee Min for his feedback (I

We thank Mr Woon Wee Min for his feedback (I Aug 23). The Inland Revenue Authority of Singapore (Iras) has been supporting businesses, including small and medium-sized enterprises (SMEs), to prepare for a smooth goods and services tax (GST) rate change transition. We note that all GST-registered businesses have successfully transited to the 8 per cent GST. Ahead of the second GST rate change to 9 per cent from Jan 1, 2024, Iras has been proactively engaging GST-registered businesses. Through our website and electronic direct mailers, we provide information including price display requirements, GST transitional rules, and implementation errors to avoid. We also highlight the importance of transparent communication should there be any price increase. We have organised webinars since June 2023 to help businesses that require additional assistance, and these will continue to run until December. In addition, we are encouraging businesses to adopt digital solutions for accounting and retail management, which would facilitate their GST rate change implementation. We also partner government agencies and industry trade associations to reach out further to businesses. We urge all businesses to prepare for the GST rate change early and to visit the Iras website go.gov.sg/irasgst-rc-businesses for more information. Director (Corporate Communications) Inland Revenue Authority of Singapore