Singapore Increases VAT Rate in Budget 2022
Singapore has announced a VAT rate increase in its Budget 2022. The current VAT rate of 7% will increase to 8% from 1 January 2023, and to 9% from 1 January 2024.
The increased rate is to fund the health care and social needs of the country’s ageing population and to deal with climate change.
Sources: Deloitte
