As announced in Budget 2022, amidst various concerns including the expectation of rising inflation, the GST rate increase will be staggered over 2 years, starting with a rise to 8% on 1 January 2023, and then to 9% on 1 January 2024.
What is the impact on GST-registered and non-GST registered businesses? It is now timely for businesses to take a closer look at the state of their GST compliance, since any future penalties on underpaid GST will be costlier.
Furthermore, with the staggered GST rate increase over a short period, the implementation of updates to your accounting and invoicing system and compliance procedures as a GST-registered business will be more complex.
The CCS – MS Goods & Services Tax Webinar 2022, was jointly organised by Complete Corporate Services and Moore Stephens LLP, Singapore, as we discussed the regulatory requirements and transitional rules to better prepare you and your businesses for the GST hikes, share insights on the tax landscape where the focus is shifting to “Tax Governance” and the compliance initiatives introduced by the IRAS on tax risks management.
