2023 GST Rate Change
- Details
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.
Donations & Tax Deductions
- Details
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
Increase in CPF Contribution Rates from 1 January 2023
- Details
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.
FY2023 Budget Statement
- Details
Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong, delivered Singapore's FY2023 Budget Statement on Tuesday, 14 February 2023, in Parliament.
Budget Statement 2023
Budget Statement 2023
Annex A-1: Utilisation Of Draw On Past Reserves FY2020–FY2022 (As At 14 February 2023)
Annex A-2: Fiscal Position In FY2023
Annex B-1: Support For Households For Inflation And GST
Annex D-1: Enterprise Innovation Scheme
Annex D-2: Examples For Budget 2023 Statement
Annex D-3: Enhancements To The Progressive Wage Credit Scheme
Annex E-1: Increase To The CPF Housing Grant For First-Time Homebuyers Purchasing Resale HDB Flats
Annex E-2: Support For Marriage & Parenthood
Annex E-3: CPF Transition Support Scheme For Platform Workers
Annex E-4: Retirement Adequacy Measures
Annex F-1: Measures To Encourage Philanthropy And Volunteerism
Annex G-1: Tax Changes
Annex G-2: Vehicular Tax Changes
Budget Infographics
Assurance for 2023
Disbursement Calendar 2023
Supporting Businesses
Enterprise Innovation Scheme
Supporting Workers
Building a Singapore Made for Families
Building a Resilient Nation
A Competitive, Resilient and Fair Tax System
Budget Booklet summarises the key Budget 2023 measures.
Budget Booklet: English
Source: MOF
Increase in CPF contribution rates from 1 January 2022
- Details
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.
