effective 1st Jan 2023 all invoices issued by Hilti Far East on and after 1st of Jan 2023 will be subject to GST of 8%
Dear Valued Customers,
In Budget 2022, the Minister for Finance announced that the GST rate will be increased from:
- 7% to 8%, with effect from 1 Jan 2023; and
- 8% to 9%, with effect from 1 Jan 2024.
The GST rate chargeable on the supply will be the prevailing rate at the time of supply or the receipt of payment. In summary, if you issue an invoice or receive payment for a supply before 1 Jan 2023, you should charge GST at 7%. Conversely, if you issue an invoice and received the payment for a supply on or after 1 Jan 2023, you should charge GST at 8%, unless you have elected to charge GST at 7% under the transitional rules for rate change where allowable.
Hilti Far East Pte Ltd will be complying with the new GST rate for deliveries or services completed on 1 January 2023. Any invoices issued in 2022 will still retain a 7% GST rate even if the due date falls in 2023.
For more information, you may refer to the E-Tax Guide and FAQ available from the IRAS website.
Best Regards,
Hilti Far East Pte Ltd