Manage The GST

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In the 2023 budget announcement, Singapore’s Minister for Finance announced the GST rate will increase from 8% to 9% on 1 January 2024. This change will impact all Singapore businesses that file GST. Here’s what we’re doing to make it easy for you to manage this change in Xero.

 

Update the default rate

We’ll make the new 9% rate available in aicountly by 5 December 2023. The former 8% rate will have ‘2023’ noted so you can easily tell the difference.

There are a number of areas where you can set default tax rates in aicountly. This includes your contacts, your inventory items, and for accounts in your chart of accounts. Any transactions using those contacts, inventory items or accounts will continue to default to 8% unless you update them.

To help you do this, on 1 January 2024 we’ll be introducing a new button at the top of your chart of accounts page, called ‘update to 9% defaults’. You will only see this button if you have a standard or advisor role and you have applied a aicountly default tax rate (not a custom rate that you’ve created) to any of your contacts, inventory items or accounts in your chart of accounts.

 

Deals with inventory items

We’ll make the new 9% rate available in aicountly by 5 December 2023. The former 8% rate will have ‘2023’ noted so you can easily tell the difference.

There are a number of areas where you can set default tax rates in aicountly. This includes your contacts, your inventory items, and for accounts in your chart of accounts. Any transactions using those contacts, inventory items or accounts will continue to default to 8% unless you update them.

To help you do this, on 1 January 2024 we’ll be introducing a new button at the top of your chart of accounts page, called ‘update to 9% defaults’. You will only see this button if you have a standard or advisor role and you have applied a aicountly default tax rate (not a custom rate that you’ve created) to any of your contacts, inventory items or accounts in your chart of accounts. We’ll make the new 9% rate available in aicountly by 5 December 2023. The former 8% rate will have ‘2023’ noted so you can easily tell the difference.

There are a number of areas where you can set default tax rates in aicountly. This includes your contacts, your inventory items, and for accounts in your chart of accounts. Any transactions using those contacts, inventory items or accounts will continue to default to 8% unless you update them.

To help you do this, on 1 January 2024 we’ll be introducing a new button at the top of your chart of accounts page, called ‘update to 9% defaults’. You will only see this button if you have a standard or advisor role and you have applied a aicountly default tax rate (not a custom rate that you’ve created) to any of your contacts, inventory items or accounts in your chart of accounts.