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.
Published by
Liberty Specialty Markets Asia Pacific
