Revision of GST Treatment: Effective 1 January 2024
In Budget 2022, the Minister for Finance announced that the GST rate will be increased from 8% to 9% with effect from 1 January 2024. Read Overview of GST Rate Change by IRAS.
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:
List of products that will be subject to the 9% GST in accordance with the new government legislations from 1 January 2024:
- Agent Packages
- Ad Credits
- Prime Credits
- Concurrent Listings
- Corporate Listings
Note: System update on 28 Dec 2023, 12:00AM – 1 Jan 2024, 12:00PM. No order may be processed during this time. Please complete your payments by 27 Dec 2023, 11:59PM to avoid any disruption.
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