2023 brought major GST rate increases in Singapore and the Maldives, while Jersey introduced new rules for overseas retailers.
Singapore: standard GST increased to 8%
Singapore increased its standard GST rate from 7% to 8% on 1 January 2023. This was the first stage of a two-step increase, with a further rise scheduled for 2024.
Source: Inland Revenue Authority of Singapore – GST rate change
Maldives: general GST 8% and tourism GST 16%
On 1 January 2023, the Maldives increased general-sector GST from 6% to 8% and Tourism Goods and Services Tax from 12% to 16%.
Source: Maldives Inland Revenue Authority – 2023 GST rate changes
Jersey: new rules for overseas retailers
From 1 July 2023, qualifying overseas retailers and online marketplaces became responsible for collecting Jersey GST on sales to local consumers. The GST relief threshold for unaccompanied goods purchased from unregistered overseas retailers was also reduced from £135 to £60. Jersey’s standard GST rate remained 5%.
Source: Government of Jersey – overseas retailers and GST
What did not change?
No standard-rate changes were identified in 2023 for Australia, Canada, India, Jordan, New Zealand or Papua New Guinea. Product-specific rates, exemptions and registration rules may still have changed during the year.