The GST rate hike that took effect on Jan 1 will be mitigated somewhat by government offsets, but there are a few other GST changes that came into effect on that day that will result in higher expenses. Grant Thornton partner Koh Soo How walks us through the impact on consumers.
For sure, prices will rise due to the higher GST rate, buthave announced that they will absorb the additional 1 percentage point GST increase for key household essentials and not raise prices for a period of time.
What is certain is that GST would have applied to online subscription-based news and magazines from overseas; TV, movies, and music streaming; online gaming and apps; office software and cloud storage services. These services are essentially automated with minimal or no human intervention.also kicked in, meaning that online professional and personal services that were previously excluded from the scope of digital services are now taxable.
The overseas shopping relief of S$500 if we are away 48 hours or more, or S$100 if away for less than 48 hours, remains unchanged, at least for the time being.” by many Singaporeans in 2022 despite higher air fares. The GST was kept in check as the fees charged by travel agencies for the booking of overseas holidays were zero-rated.
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