GST Filing Singapore: GST Hike By 2025 in Singapore

As part of the budget for the financial year ended beginning 2020, it was announced by the Singapore Government that the planned goods and services tax (GST) hike will not take place in 2021. But GST will still be increased by 2025.

The current GST rate in Singapore is 7%. By 2025, the GST rate will be increased to 9%.

All GST registered companies that are required to perform GST Filing Singapore are advised to keep track of further announcements so as to make the necessary adjustments to its invoices, and more importantly to assess the impact to its cash flows and operations. 

GST registration criteria in Singapore

The answer as to the GST registration criteria in Singapore are as follows:

1. Companies with taxable turnover at the calendar quarter-end before 1 January 2019 and the last three quarters are more than S$1 million. 

2. Companies with taxable turnover at the end of any calendar year on or after 1 Jan 2019 is more than S$1 million.

About Lee & Hew

Lee & Hew’s GST services ranges from advising clients on complex GST issues across different industries on both the local and international scale. Apart from complex issues on GST, Lee & Hew also helps clients perform GST filing in Singapore, and other routine services related to GST. Lee & Hew has a robust track record in helping companies, big or small.