ASPRI Seminar on GST Rate Change and Transitional Rules

In less than five months away, the GST rate increase will take place in two stages from the current 7% to 8% from 1 January 2023 & from 8% to 9% from 1 January 2024. Businesses should have started planning for the upcoming rate adjustment & may have questions on how the changes would impact their business operations.

Join us for this seminar where we have invited speakers from BDO Tax Advisory Pte Ltd who highlight the critical points that businesses should be aware of and explain the transitional rules for sales transactions that span the GST rate change to help you understand and comply with the rules and to meet IRAS requirements.

Who should attend

• Tax directors, financial controllers, finance managers, tax executives, personnel with functional responsibility (e.g. logistics, procurement, IT, legal), business owners

What to expect

• The concept of general time of supply rule and “Basic Tax Point”.
• Transitional rules for supplies of goods and services straddling GST rate change.
• Transitional rules for special situations such as continuous supplies and goods put to private use without consideration.
• Contracts or agreements straddling the rate change.
• Method of apportionment of the value of goods delivered or services performed straddling the rate change.
• Invoicing requirements, credit note, price display, volume-related rebates and returned goods affected by the rate change.
• Key considerations to be better prepared ahead of the rate change.