It is important to start preparing for the GST rate change early and by taking these steps, businesses in Singapore can ensure they are ready for the increase on 1st January 2024 and avoid any last-minute problems.
- Update accounting systems:
Ensure your accounting software is updated to handle the new GST rate. This includes properly calculating, recording, and reporting GST. - Review contracts and agreements:
Check your contracts and agreements to see if they need to be updated to reflect the new GST rate. - Train staff:
Train your staff on the new GST rate and procedures. This includes how to calculate and charge GST, as well as how to answer customer questions. - Display prices:
All prices displayed with effect from 1 January 2024 must be inclusive of GST at 9%. Businesses are reminded to be transparent in communicating the reasons for any price increases to consumers. - File accurate GST returns:
Make sure you are filing accurate GST returns to avoid penalties. - Review inventory:
Review your inventory and update prices to reflect the new GST rate. - Update invoices and receipts:
Make sure your invoices and receipts reflect the new GST rate. - Inform suppliers and customers:
Inform your suppliers and customers about the new GST rate and any changes to your prices. - Review marketing and advertising materials:
Review your marketing and advertising materials to ensure they reflect the new GST rate.
There are a number of resources available to help you prepare for the GST rate change. The IRAS website is a good go-to resource or talk to an advisor at BusinessDistrict. We are available to answer any questions you may have about the GST rate change.
