#GST Rate Change Tips!

𝗚𝗲𝘁𝘁𝗶𝗻𝗴 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗥𝗲𝗮𝗱𝘆 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗦𝗲𝗰𝗼𝗻𝗱 𝗚𝗦𝗧 𝗥𝗮𝘁𝗲 𝗖𝗵𝗮𝗻𝗴𝗲🔺

3 common errors to avoid when preparing for second GST rate change. (Source: IRAS)

#1️⃣: Charging GST at 9% before 1 Jan 2024.
#2️⃣: Charging or displaying GST at 8% from 1 Jan 2024.
#3️⃣: GST amount is computed correctly but wrong GST rate is reflected on receipts/invoices issued.

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#GSTtaxBytes From 1 Jan 2024, GST will increase from 8% to 9%. 👉🏼 If you are a GST-registered business, click here to find out how to get your business ready

Subscribe to taxBytes@IRAS for the latest GST updates and tips.

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READ IT HERE:
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#GST Rate Change Tips!

Communicating reasons for price/fee increases to consumers. (Source: IRAS)

A warm reminder from IRAS, business are advised to be transparent in communicating the reasons for price increases to consumers, if there are price increase due to other reason besides GST, businesses should explain the main reasons for the increase in price, and not misinterpret the situation to consumers by attributing the price increases primarily or solely to the increase in GST.

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We’re now into the #CorporateIncomeTax2023 Filing Season. Companies are strongly encouraged to file their Corporate Income Tax Returns (Form C-S/ Form C-S (Lite)/ Form C) early, ahead of the 30 Nov 2023 deadline.

Find out more here 👈🏻

📢📢 It's 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝗙𝗶𝗹𝗶𝗻𝗴 𝗦𝗲𝗮𝘀𝗼𝗻 again! 📋
Corporate are encourage to file their Corporate Income Tax Return early, ⚠️ 𝗯𝗲𝗳𝗼𝗿𝗲 𝟯𝟬 𝗡𝗢𝗩𝗘𝗠𝗕𝗘𝗥 𝟮𝟬𝟮𝟯! ⚠️

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Is your company eligible to file Form C-S (Lite) this #CorporateIncomeTax2023?
 
Form C-S (Lite) is a simplified Corporate Income Tax Return that requires only 6 essential fields to be completed by companies with straightforward tax matters.
 
Find out more here 👈🏻

Filing of Form C-S/ Form C-S (Lite)/ Form C is mandatory for all companies unless your company has been granted a waiver to file the Corporate Income Tax Return.
 
Click here for more information on #CorporateIncomeTax2023 👈🏻

All GST-registered businesses must ensure that their systems are ready to incorporate the new 9% GST with effect from 1 Jan 2024.

Check out this article to learn more about the common errors your business should avoid as you prepare for the implementation.

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#GSTRateChange With the second step of the GST rate change approaching, IRAS reminds all businesses to ensure that their systems are ready to incorporate the new 9% GST rate with effect from 1 Jan 2024 and to take active steps to avoid rate change errors during implementation.

👉🏼 Click here for more on getting your business ready for the second rate change and common rate change errors to avoid

#DidYouKnow that your company can claim tax deductions on qualifying Renovation or Refurbishment (R&R) costs incurred? #CorporateIncomeTax2023
 
Find out more here or watch this video

Less than a month to the #CorporateIncomeTax2023 deadline of 30 Nov 2023 🔈
 
Ensure that you or your staff has been assigned with the “Approver” role for “Corporate Tax (Filing and Applications)” digital service in Corppass before filing the Form C-S/ Form C-S (Lite)/ Form C at myTax Portal.
 
File your taxes on time to avoid late filing penalties.

#GST Rate Change Tips!

😎 3 main things to make sure you are ready for the rate change! (Source: IRAS)

#1️⃣ Update your systems to incorporate the new GST rate from 1 Jan 2024 (Tips: reach AutoCount today for a complete, accurate, TIER-3 IRAS ASR+ solution!)

#2️⃣ Prepare your price displays to reflect the new GST rate from 1 Jan 2024

#3️⃣ Understand and apply the correct GST rate for sales transactions and reverse charge supplies spanning 1 Jan 2024.

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#InvoiceNow tips

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Can I send and receive InvoiceNow invoices 𝗰𝗿𝗼𝘀𝘀 𝗯𝗼𝗿𝗱𝗲𝗿?
How will this impact my business with overseas customers?

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