News

News

Singapore's Goods and Services Tax (GST) rate will increase in 2024

Effective 1 January 2024 – Any premium received on or after this date, regardless of the period of insurance will be charged at 9% GST.

The Inland Revenue Authority of Singapore (IRAS) announced that the Singapore Goods and Services Tax (GST) rate will change from the current 8% to 9% (increase of 1%) and this rate will apply to all premiums in Singapore, regardless of the period of insurance (POI) effective from 1 January 2024. If the premium is received on or prior to 31 December 2023 it will be charged at the current rate of 8%.

Please refer to the below table to assist you with this new rate change.

 

 

If you have any queries, please contact your Liberty Representative.