effective 1st Jan 2024 all invoices issued by Hilti Far East on and after 1st of Jan 2024 will be subject to GST of 9%
Dear Valued Customers,
In Budget 2022, the Minister for Finance announced that the GST rate will be increased from 8% to 9%, with effect from 1 Jan 2024.
The GST rate chargeable on the supply will be the prevailing rate at the time of supply or the receipt of payment. In summary, if you receive an invoice or pay for a supply before 1 Jan 2024, Hilti will charge GST at 8%. Conversely, if you receive an invoice and pay for a supply on or after 1 Jan 2024, Hilti will charge GST at 9%, unless Hilti has elected to charge GST at 8% under the transitional rules for rate change where allowable.
Hilti Far East Pte Ltd will be complying with the new GST rate for deliveries or services completed on 1 January 2024. Any invoices issued in 2023 will still retain an 8% GST rate even if the due date falls in 2024.
For more information, you may refer to the E-Tax Guide and FAQ available from the IRAS website.
Best Regards,
Hilti Far East Pte Ltd
