Direct About Indirect Tax Series: GST Rate Change

“7788” (qī qī bā bā) in Chinese means “almost” or “nearing completion”. Seven and eight is also the current GST rate (7%) and the new GST rate (8%) that will be effect from 1 January 2023.

If you have not started your preparation for the GST rate change, fret not, "It is just a matter of setting a new tax rate in your accounting system and inserting the effective date" (or so you think).

Come and join us if you are nowhere near "7788". 

Our trainer will take you through the following key areas:

• Transitional rules for supplies
  - When should you charge 7% and when should you charge 8%
• Method of apportionment
  - How much to charge at 7% and how much to charge at 8%
• Adjustment of tax previously charged
  - Should you reduce at 7% or 8%
• Quick update on GST changes with effect from 1 January 2023
  - Low value imported goods
  - GST on the importation of remote services
  - GST on travel arranging services
• Other practical considerations for GST rate change

Trainer Profile

      Eddie Soh 

With more than 20 years of practical GST experience gained from working at Inland Revenue Authority of Singapore as a tax auditor and big four accounting firm (PwC) as a tax advisor, Eddie is the subject matter expert you go to when you need advice on goods and services tax (“GST”) matters.

He is an accredited tax advisor (GST) with Singapore Chartered Tax Professional and he speaks regularly at public GST workshop and seminars. The primary objective of conducting workshop and seminars is to share the knowledge gained from his experience and his long term goal is to digitalise the knowledge so that it can be easily accessed by others.

Eddie is a GST advisor by profession and he finds joy in solving your GST problem. Having led 43 multi-national companies to Assisted Compliance Assurance Programme (“ACAP”) premium status, he now advises clients on the best practices that should be in place to prevent and detect GST errors.