Effective 1 January 2023 – Any premium received on or after this date, regardless of the period of insurance will be charged at 8% GST.
The Inland Revenue Authority of Singapore (IRAS) announced that the Singapore Goods and Services Tax (GST) rate will change from the current 7% to 8% (increase of 1%) and this rate will apply to all premiums in Singapore, regardless of the period of insurance (POI) effective from 1 January 2023. If the premium is received on or prior to 31 December 2022 it will be charged at the current rate of 7%.
Please refer to the below table to assist you with this new rate change.
Additionally, IRAS has confirmed a second rate change from January 2024 whereby the GST rate will increase from 8% to 9%. Further details on this second rate change will be provided by IRAS in 2023.
If you have any queries, please contact your Liberty Representative.