The Singapore government has announced an update in the GST rate from 7% to 8% on 1st January 2023 and 8% to 9% on 1st January 2024. In preparation of this, TenderBoard has updated its tax functionality to allow for submission of purchases with different tax rates.
This article will brief you on the changes to TenderBoard to ensure that you're able to submit your quotations successfully.
When submitting quotations
When submitting quotations, you will be asked to input the tax rate for the quotation. During the transition period, you will be able to submit quotation at 8%, 7% or 0% rates around 2022/2023, and 9%, 8% or 0% rates around 2023/2024. Please ensure that the correct rate is used in accordance with IRAS guidance, which can be found here.
The tax rates will be named as follows:
| Tax Rate | 2022 | 2023 | 2024 |
| 0% | Zero rate | Zero rate | Zero rate |
| 7% | Standard rate | 2022 tax rate* | - |
| 8% | 2023 tax rate | Standard rate | 2023 tax rate |
| 9% | - | 2024 tax rate* | Standard rate |
Note that 2022 tax rate and 2024 tax rates will only be available for a transitionary period
When submitting invoices
When submitting invoices, the default tax rate will depend on the tax rate quoted when the quotation was submitted. If the correct tax rate was submitted during the quotation, no updates will be required. In the event that the tax rate has changed, you will be able to update the invoice, however you'll be asked to provide a reason.
