The global tax landscape has been shifting at an unprecedented pace and to consistently keep abreast of the latest GST laws is a challenge faced by many businesses. Coupled with the impending GST rate hikes (i.e. a rise to 8% on 1 January 2023, and then to 9% on 1 January 2024), it is worth noting that the Inland Revenue Authority of Singapore (“IRAS”) has stepped up its audit and investigation efforts to detect errors and deter taxpayers from making recurring GST mistakes. Pre-emptive steps to avoid unwanted attention and unpleasant consequences are recommended.
At the CCS – MS Goods & Services Tax Webinar 2022, we dived into the recent key changes in regulatory requirements for GST and shared exclusive insights on how we can better navigate this rapidly changing tax landscape.