On 4 September 2023, the Inland Revenue Authority of Singapore published updated guidance on Preparing for GST Rate Change. Singapore increased its GST rate from 7% to 8% from 1 January 2023 and is further increasing the rate to 9% from 1 January 2024. Among other things, the guidance clarifies the GST rate to apply. Generally, GST should be charged at the prevailing rate at the time of supply. As such, if an invoice is issued or a payment is received for a supply in 2023, GST should be charged at 8% on the supply. If an invoice is issued...