Revision of GST Treatment: Effective 1 January 2023
In Budget 2022, the Minister for Finance announced that the GST rate will be increased from 7% to 8% with effect from 1 January 2023. Read Overview of GST Rate Change by IRAS. The revenue from the increase in GST will go towards supporting the nation’s healthcare expenditure, and to take care of our seniors.
The rate change affects any GST-registered business that sells or purchases goods or services that are subject to the standard rate of GST. This includes the supply of media sales to a person belonging in Singapore or directly benefitting a non-GST registered person belonging in Singapore. Read GST: Guide for Advertising Industry
This is a tax output that PropertyGuru collects on behalf of IRAS and is passed over in its entirety. Please see below for the changes:
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Invoice issued before 1 Jan 2023 |
Invoice issued on/after 1 Jan 2023 |
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The standard-rate GST of 7% applies and payments must be received by 31 Dec 2022. |
The new standard-rate GST of 8% will apply. |
Please see below for the products that will be subject to the 8% GST in accordance with the new government legislations from 1 January 2023:
- Agent Packages
- Premium Features - Weekly Featured Listing
- Ad Credits
- Prime Credits
- Concurrent Listings
- Corporate Listings
We’ll be implementing a system update from 29 Dec 2022, 12:00AM – 1 Jan 2023, 12:00PM and will not be able to process any order during this time. Please complete your purchases by 28 Dec 2022 to avoid any disruption. More information can be found on our Help Article.
Should you have any questions or feedback, you can also reach out to any of your agency’s dedicated Account Managers, or drop our Customer Service team an email at custcare@propertyguru.com.sg.
Thank you for your continuous support and we look forward to partnering you in 2023.
At PropertyGuru, we’ll see you home.