Singapore's Minister of Finance announced in the Budget 2022 that the GST rate will be increased in two steps. First, from 7% to 8% from January 1, 2023 and then from 8% to 9% from January 1, 2024.
From January 1, 2023 until February 28, 2023, Global Blue is here to support retailers since they will not be allowed to issue eTRS transactions at 7% GST on or after January 1, 2023.
As a leading global shopping and tourism destination, Singapore is known for its Tax friendly policies, making it an attractive shopping destination for travelers. With a larger number of visitors expected in the coming years, the increase will help to further boost the country's economy.
At Global Blue, we are proud to support the government's efforts to secure a stable future for the country and its citizens. Our Tax Free Shopping service remains as convenient and accessible as ever, allowing travelers to claim back their VAT when they shop. With this announcement, we remain committed to providing our customers with a seamless shopping experience in Singapore and across the world.