Learn more about our newly updated GST rates in QuickBooks Online Singapore.
What's changing?
In line with the recent tax changes in Singapore, we’re updating our GST rates to remain compliant. From the 1st of January 2024, the following newly updated GST rates will go live in product:
TX-RE (9%)
BL(9%)
TX-ESS(9%)
SR(9%)
TX(9%)
IM(9%)
DS(9%)
TX-N33(9%)
SRCA-C(9%)
TXCA(9%)
The 8% rates will remain for any transactions created before the 1st of January 2024.
What do I need to do?
Customers are advised to update the tax codes on any products and services, accounts, or recurring transactions, for transactions entered after the 1st of January 2024.
If you aren’t sure on which tax code to use, we recommend consulting your accountant.
Helpful Links
Edit a recurring template
Edit product and service items in QuickBooks Online
Create a new tax rate in QuickBooks Online