If you’re using the transition to the new tax rate to also increase the prices or fees of your products and services, you must communicate this transparently to your customers. Generally, purchases of goods and services from GST-registered businesses before 1 Jan 2024 will be subject to GST ...
According to the MOF, these additional U-Save rebates will help cushion the impact of the increase in carbon tax and water prices in 2024 and 2025. Specifically, over these two years, the additional U-Save rebates will, on average: Fully offset the increase in utility bills for one-two ro...
Meanwhile, the minister said that Singapore will delay its plan to increase Goods and Services Tax (GST), considering the concerns that Singaporeans have about the GST increase taking place at the same time as rising prices. He said that the first increase will take place on Jan. 1, 2023,...
Healthcare will be a key driver of this anticipated increase in national spending, which currently stands at 18 per cent of GDP.” Demographic Changes According to the quoted statements, Singapore anticipates a rise in government expenditure to 19-20% of GDP between 2026-2030, possibly exceeding...
USD 573.46 billion by 2026 and USD 573.46 billion by 2028. Over the following 4 years, the city-state’s GDP is expected to have a 19% growth rate. One of the main sectors to contribute to this increase is manufacturing. Between 2024 and 2029, this industry is projected to register an...
January 24, 2025 The annual study released by global professional services firm Alvarez & Marsal (A&M) reveals a substantial increase in the use of debt restructuring moratoriums in Switzerland during 2023. Business & Industry Insights Rich Newman and Conrad Ragan Featured in The Credit and Financ...
To address inflation woes plaguing the global economy since 2022, the U.S. Federal Reserve (Fed) had moved to steadily increase base lending rates an unprecedented 11 times across 2022 and 2023. However, the resilience demonstrated by the U.S. economy has resulted in talk of a freeze of fu...
For non-resident taxpayers, the Singapore income tax rate will increase from 22% to 24% starting from YA 2024. However, this excludes employment income and certain income subject to reduced withholding rates. The tax rates for non-residents from YA 2024 are as follows: ...
During the presentation of Singapore's 2023 budget, the Deputy Prime Minister, Lawrence Wong, announced that the OW ceiling for CPF would be raised from SGD6,000 to SGD8,000 by 2026. The additional wage ceiling will increase CPF contributions, increasing allocation rates for certain age groups...
During the presentation of Singapore's 2023 budget, the Deputy Prime Minister, Lawrence Wong, announced that the OW ceiling for CPF would be raised from SGD6,000 to SGD8,000 by 2026. The additional wage ceiling will increase CPF contributions, increasing allocation rates for certain age groups...