
IMPORTANT NOTICE	View in browser

IMPORTANT ANNOUNCEMENT

Dear GS1 Singapore Members,

You are receiving this email because you have an active GS1 Singapore membership account. The Inland Revenue Authority of Singapore (IRAS) has announced that the GST rate will be increased from 8% to 9% effective on 1st January 2024. In order to comply with the GST rate increase changes, GS1 Singapore will be updating our finance systems and business procedures.

Here's a quick summary to help you understand how the next GST adjustment may affect your billing and payment schedule on 1st January 2024:

Invoice Date and Payment Schedule GST Rate

Invoice is dated before 1st January 2024 and the full payment is received before

1st January 2024

Invoice is dated before 1st January 2024 and the full payment is received after 31st December 2023

9% will be imposed on the unutilised portion of the invoice. The utilised portion of the invoice will remain at 8%.

Invoice is dated after

31st December 2023

For all invoices due before 1st January 2024, we encourage our customers to pay in full by 31st December 2023, to give us time to process your payment.

More information regarding the revised GST can be found on the IRAS official website.

Please feel free to email us at c ontact@gs1.org.sg or call us at 6826 3077 should you require further clarification.

Thank you for your kind attention.

Warm Regards,

GS1 Singapore Team

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