We thank Mr Woon Wee Min for his feedback (Increase in GST: Help SMEs prepare for a smooth transition, Aug 23).
28 Aug 2023
The Inland Revenue Authority of Singapore (IRAS) has been supporting businesses, including 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% GST.
Ahead of the second GST rate change to 9% from 1 Jan 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 2023.
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.
Ms Kelly Wee
Director (Corporate Communications)
Inland Revenue Authority of Singapore