On 13 June 2022, the Ministry of Finance (“MOF“) commenced a public consultation on five proposed amendments set out in the draft Goods and Services Tax (GST) (Amendment) Bill 2022. The five amendments arise from:
- Measures announced in the 2022 Budget Statement (covered in our February 2022 Legal Update titled “Forward, Together:
- Singapore Budget 2022″), covering:
- The two hikes in GST rates on 1 January 2023 and 1 January 2024;
- The GST treatment of travel arranging services; and
- A periodic review of Singapore’s GST regime to improve GST administration and the clarity of existing legislation.
The consultation will run from 13 June 2022 to 4 July 2022. A summary of the main comments received and MOF’s responses to the same will be published in August 2022.
In this Update, we elaborate on the amendments.
For more information, click here to read the full Legal Update.
