Overview

In Budget 2022, the Minister for Finance announced that the GST rate will be increased from 7% to 8% with effect from 1 January 2023 and from 8% to 9% with effect from 1 January 2024.

The raise in GST rate is a necessary and strategic decision to fund Singapore’s revenue needs by nature of our economy.

The staggered rate change allows businesses and Singaporeans more time to adjust. But does it also mean additional cost for businesses to prepare for the GST rate change twice?

Objective

  1. This webinar aims to provide participants with the basic knowledge on GST rate change.
  2. It will also help them to highlight and avoid potential pitfalls and appreciate the potential GST issues in different business scenarios.
  3. Some practical tips to get our businesses ready for 1 Jan 2023.

Outline

  • Overview of GST rate change
  • Transitional rules for supplies
  • Adjustment and Concession for GST rate change
  • Transitional rules for continuous supplies, reverse charge and imported services.
  • Checklist preparation

ACCA Member & Affiliate CPD Subsidy

ACCA Singapore is currently offering a special subsidy to active members and affiliates so as to help them through the Covid-19 pandemic to meet their CPD requirements. This offer is available on selected courses here and on a limited basis. Terms and conditions apply. 

CPD units 

Attendance to this webinar will accord you with 3.5 CPD units (ACRA Category Others). A CPD certificate will be emailed to you within 3 business days after the completion of the webinar.

Speaker

Edgar Wong FCCA

Edgar is a fellow of ACCA and an Accredited Tax Practitioner with Singapore Chartered Tax Professionals. He has held various positions in banking, insurance and property sectors for more than 30 years. He has previously worked in Standard Chartered Bank and NTUC Income.

Currently, through his accounting practice, he and his team provide consultancy services to SMEs from service, retail to manufacturing sectors on strategy, finance and tax issues across various jurisdictions.

He is an integral facilitator to some merger and acquisition activities. As an associate lecturer and corporate trainer, Edgar is also active in various professional and degree programmes with ISCA, ACRA, SID and premier education providers.

Edgar graduated with Honours in Economics from the National University of Singapore and completed the Diploma of Banking and Finance, ACCA and B.Sc. (Honours – First Class) under ACCA/Oxford Brookes University and Strathclyde MBA.