Singapore’s goods and services tax (GST) was increased from 7% to 8% as of January 1, 2023. This is the first of two anticipated increases; the second is set for January 2024, when the GST will rise once more, this time from 8% to 9%.
In Singapore, the vast majority of goods and services are subject to the GST. From in 2023, low-value imported items with an SGD 400 or less value will also be subject to the GST. Only imports with a price tag higher than this are currently subject to the GST. Due to the recent amendment, the tax will now apply to all products and services imported into Singapore, including those ordered online.
After the two-step rate hike to 9% from January 1, 2024, Singapore’s GST rate still will remain one of the lowest in Asia-Pacific. Only Taiwan will have lower goods and service tax rate at 5%.
Check our Singapore’s GST Calculator for any goods and services tax calculations. Calculator is updated with latest tax increase.