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IMPORTANT INFORMATION

Hello,

In Budget 2022, the Minister for Finance announced that the Goods and Services
Tax (“GST”) rate will increase in two steps from 7% to 8% on 1 January 2023 and
from 8% to 9% on 1 January 2024. The Inland Revenue Authority of Singapore
(“IRAS”) has published an e-Tax guide on 5 August 2022 to explain the
transitional rules applicable to the first GST rate change.

To prepare for the first rate change on 1 January 2023, we would like to draw
your attention to the following points:
 
 * As a general rule, GST will be charged at 7% for the coverage period
   falling within 2022 and at 8% for the coverage period after 1 January 2023.
 * 7% GST will be charged for invoices issued before 1 January 2023. 8% GST
   will be charged for invoices issued on or after 1 January 2023. Invoices with
   a 7%
 * GST may be issued in 2023 if the coverage period falls within 2022.
 * For invoices already issued in 2022 with coverage period partially in 2023,
   * GST at 7% will be applicable for the entire invoice if payment is
     received before 1 January 2023;
   * GST at 8% will be applicable for the coverage period on or after 1 January
     2023 if payment is received on or after 1 January 2023.
 * For GST purposes, premiums collected by insurance intermediaries
   are considered as received by the insurer.

We expect more guidance at a later date as IRAS will provide more details and
updates to prepare businesses for the second rate change by April 2023.

Thank you.

Kind regards,



Jonathan James
Regional Head of Sales & Distribution - Health
AGCS Hong Kong & Singapore 

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please notify AWP Health & Life S.A. by replying to the address from which it
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personal to the author, except where specifically stated to be the views of AWP
Health & Life S.A.

Our privacy notice explains how we protect your privacy. To read our full
Privacy Notice visit  www.agcs.allianz.com/footer/privacy-notice.html. If you
have any queries about how we use your personal data, you can always contact us
by email at dpo_sg@allianz.com. 
 
The insurer is Allianz Global Corporate & Specialty SE Singapore Branch, address
79 Robinson Road, #09-01 Singapore 068897 . Company Registration No. T11FC0131K.
This policy is supported by AWP Health & Life SA, trading as Allianz Care, a
limited company governed by the French Insurance Code and acting through its
Irish Branch. Part of the Allianz Group, AWP Health & Life SA is registered in
France: No. 401 154 679 RCS Bobigny. Irish Branch is registered in the Irish
Companies Registration Office, registered No.: 907619, address: 15 Joyce Way,
Park West Business Campus, Nangor Road, Dublin 12, Ireland. AWP Health & Life SA
provides administration services and technical support for the policy. Allianz
Care and Allianz Partners are registered business names of AWP Health & Life SA.






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This email was sent by: Allianz Partners
15 Joyce Way, Park West Business Campus, Nangor Road, Dublin, Co Dublin, D12AY95
Ireland


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