Members of the public are invited to submit feedback on the proposed changes to the Goods and Services Tax (GST) Act including the two-stage hike in the GST rate from 7% to 8% from 1 January 2023, and from 8% to 9% from 1 January 2024.
In a press release Ministry Of Finance said that Interested parties are invited to provide feedback on these amendments from 13 June to 4 July 2022.
This year on 18 February, Finance Minister Lawrence Wong announced the two-stage GST hike during his 2022 Budget speech.
The draft GST (Amendment) Bill 2022 proposes five amendments to the GST Act to effect five changes.
The first two changes were announced in the 2022 Budget Statement on 18 February 2022 by Finance Minister Lawrence Wong.
These are the five proposed changes in the GST Act.
a) The first proposed amendment effects the change in GST rate from 7% to 8% from 1 January 2023, and from 8% to 9% from 1 January 2024.
b) The second proposed amendment updates the GST treatment of travel arranging services to be based on the “place of belonging rule”. This amendment ensures consistency in the GST treatment for the provision of such services by local and overseas suppliers.
The other three proposed amendments improve GST administration and the clarity of existing legislation, and is part of the periodic review of Singapore’s GST system.
The public can provide their feedback on the proposed amendments.
Feedback via email from 13 June to 4 July 2022 :
The public can access the public consultation documents, including the draft GST (Amendment) Bill 2022, on the Ministry of Finance’s website (www.mof.gov.sg) and the REACH consultation portal (www.reach.gov.sg).
Interested parties can use the prescribed template to submit their feedback on the draft GST (Amendment) Bill 2022.
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