TL;DR — the key facts
What you need to know
GST was raised from 8% to 9% on 1 January 2024. Most goods and services are standard-rated. Exports and international services are zero-rated. Financial services, residential property, and precious metals are exempt.
Singapore's corporate tax rate is 17% — one of the lowest in the region. New startups receive a 75% exemption on the first SGD 100,000 of chargeable income for the first 3 years.
A full GST tax invoice is required for all B2B supplies to GST-registered customers. Simplified invoices (amounts under SGD 1,000) do not require buyer details.
Timeline
January 2023
GST raised from 7% to 8%.
January 2024
GST raised from 8% to 9%.
GST and invoicing compliance
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9%, raised from 8% on 1 January 2024. Singapore raised GST in two steps (7% → 8% in 2023, 8% → 9% in 2024) as part of its fiscal consolidation plan. This rate is expected to remain stable for the near term.
Businesses with taxable turnover exceeding SGD 1 million in the past 12 months, or expected to exceed SGD 1 million in the next 12 months, must register. Voluntary registration is available and can be beneficial for input tax credit claims.
UEN (Unique Entity Number) is Singapore's business identifier, similar to a company registration number. It should appear on all business documents including invoices. GST-registered businesses must also display their GST registration number on tax invoices.
Supplier name, address, GST registration number, and UEN; buyer's name and address; unique invoice number; invoice date; description of goods or services; GST rate and amount; and total amount including GST.
Corporate income tax is 17%, one of the lowest in Asia. There is no capital gains tax and no withholding tax on dividends paid to residents. There is no personal income tax on overseas income for individuals. GST is the main indirect tax businesses need to manage.
