From 1 January 2024, the Goods and Services Tax (“GST”) in Singapore was increased from 8% to 9%. 

The GST rate chargeable on the supply will be the prevailing rate at the time of supply. The time of supply for most transactions is triggered by the earlier of the following two events: 

  • When payment is received 
  • When an invoice is issued 

GST-registered businesses need to know when their supplies are delivered or performed, in addition to the invoice date and payment date, to determine whether and how the transitional rules would apply to a supply spanning across the date of rate change. 

A transaction spans a GST rate change when one or more of the following events straddles the date of the rate change: 

  • The issuance of an invoice
  • The receipt of payment
  • The delivery of goods or performance of services. 

For more information on the transitional rules with respect to the GST rate changes, please contact us.  

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Goods and Services Tax (GST)

Singapore tax treatment of gains from sale of foreign assets

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At Sheltons Accountants Singapore we have extensive experience in providing Singaporean and international tax advice. This includes advice on tax treaty issues and cross-border tax efficient structuring.

If you need advice or assistance with your Singaporean tax obligations, or if you would like us to prepare your Singaporean tax returns, we’re here to help.

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