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The Minister for Finance announced in Budget 2022 that the GST rate will be increased in 2 steps:
(i) from 7% to 8% with effect from 1 Jan 2023; and
(ii) from 8% to 9% with effect from 1 Jan 2024.

To prepare GST-registered businesses for the first rate change when the GST rate is increased from 7% to 8% with effect from 1 Jan 2023, this guide explains the general transitional rules applicable to transactions spanning the first rate change. It covers the time of supply rules, the GST rates chargeable and provides information on the issuing of invoices, credit notes and other requirements.

The same transitional rules will apply to transactions spanning the second rate change when the GST rate is increased from 8% to 9% with effect from 1 Jan 2024. IRAS will publish a separate e-Tax Guide to prepare businesses for the second rate change by Apr 2023.

For more information, please visit IRAS e-Tax Guide:
2023 GST Rate Change: A Guide for GST-registered Businesses
GST: General Guide for Businesses.

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Donate to Community Chest or any approved Institution of a Public Character (IPC) before the year ends, and enjoy tax deductions of 2.5 times the qualifying donation amount next tax season.
Find out more about the different types of donations and their respective tax deductibility, as well as how to claim these tax deductions.

Tax Deductible Donations
These donations are tax deductible:
1. Cash Donations
2. Shares Donations
3. Computer Donations
4. Artefact Donations
5. Donations under the Public Art Tax Incentive Scheme (PATIS)
6. Land and Building Donations

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What are the changes from 1 January 2023?

(a) The CPF contribution rates for employees aged above 55 to 70 will be increased to strengthen their retirement adequacy. The changes will apply to wages earned from 1 January 2023:

     For employees earning monthly wages > $750
Employee's age
(years)
CPF Contribution Rates from 1 Jan 2023    
Current Total
(% of wage)
Total
(% of wage)
By employer
(% of wage)
By employee
(% of wage)
 55 and below 37 37 17 20
 Above 55 to 60 28 29.5 (+1.5) 14.5 (+0.5) 15 (+1)
 Above 60 to 65 18.5 20.5 (+2) 11 (+1) 9.5 (+1)
 Above 65 to 70 14 15.5 (+1.5) 8.5 (+0.5) 7 (+1)
 Above 70 12.5 12.5 7.5 5
Note: Figures in brackets ( ) denote increase in rates

(b) The increase in the CPF contribution rates will be fully allocated to the employees’ Special Account to provide a bigger boost to their retirement income.
(c) For those earning monthly wages of more than $500 to $750, the employee contribution rates will continue to be phased in.
(d) There are no changes to the graduated contribution rates for first and second year Singapore Permanent Residents (SPRs).
(e) There are no changes to the Ordinary Wage (OW) Ceiling and Additional Wage Ceiling.

You may refer to the complete CPF contribution rate tables for more details.

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Changes from 1 January 2022
(a) For wages earned from 1 January 2022, the CPF contribution rates for employees aged above 55 to 70 will be increased to strengthen their retirement adequacy.
(b) The increase in the CPF contribution rates will be fully allocated to the employees’ Special Account to provide a bigger boost to their retirement income.
(c) For those earning monthly wages of more than $500 to $750, the employee contribution rates will continue to be phased in.
(d) There are no changes to the graduated contribution rates for first and second year Singapore Permanent Residents (SPRs).
(e) There are no changes to the Ordinary Wage (OW) Ceiling and Additional Wage Ceiling.

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Understand AIS and its benefits
• Employers will submit their employees’ employment income information to IRAS from 6 Jan to 1 Mar each year.
• Prepare the AIS submission early to avoid last minute rush.
• The submitted income information will be auto-included in employees’ tax returns for their verification and tax filing.
• Go green as you eliminate hardcopy Form IR8A.
• Simplify tax filing for your employees with the convenience of No-Filing Service (NFS)!