Revision of GST Rate from 1 Jan 2023
Dear Valued Customer,
The Inland Revenue Authority of Singapore (IRAS) has announced that the Goods & Services Tax (GST) rate will be raised from 7% to 8% on 1 Jan 2023, and from 8% to 9% on 1 Jan 2024. As such, SendQuick will also be updating our finance systems and business practices to comply with these changes.
To help you better understand how your SendQuick invoices and payment schedule will be affected by the next GST change on 1 Jan 2023, here’s a quick summary:
|Invoice Date and Payment Schedule||GST Rate|
|Invoice is dated before 1 Jan ’23 and the full payment is received before 1 Jan ’23||7% |
Furthermore, the GST rate will remain at 7% for value of goods delivered or services performed up to Dec 31, 2022. Because the supply has been made.
|Invoice is dated before 1 Jan ’23 and the full payment is received after 31 Dec’22 such as maintenance support and ASP prepaid services||8% will be imposed on the unutilised portion of the contract. The utilised portion of the contract will remain at 7%.|
|Invoice is dated after 31 Dec ’22||8%|
For all invoices dated before 1 Jan 2023, we encourage our customers to make the full payment by 28 Dec 2022 to allow time for us to process your payment.
More information regarding the revised GST can be found at the IRAS official website.
Please feel free to reach out to us at firstname.lastname@example.org should you require further clarification. Alternatively, you may reach out to your Sales account manager. Thank you for your kind attention.
The SendQuick Team