Singapore's inflation is becoming more and more serious, and the prices of rent, water, electricity and food have soared. Many residents of Poshima lament that these days are getting more and more difficult.
Let me tell you another bad news. Starting from January 1 next year, the consumption tax will be raised from 7% to 8%, and it will continue to be raised to 9% from January 1, 2024.
For old fans, this may not be news. But you know, because of this consumption tax increase:From domestic online shopping to Singapore, installment payment in Singapore, even tuition fees have become more expensive!
This has also triggered a wave of purchases across the island. Many "investors" rushed to buy expensive watches, gold and silver jewelry, etc. before the GST increase, which is embarrassing!
Online shopping from China's e-commerce platform
Sent to Singapore by air or sea8% consumption tax is also required.
Many fans like to buy online from the domestic e-commerce platform and then send it to Singapore by sea/air. Don't ask, ask because it's cheap. However, from January 1 next year, this tax will also rise.
For goods of $400 or less imported by air or mail, 8% consumption tax needs to be paid to registered sellers, e-commerce platforms or transporters, while previously this part of goods did not need to be paid consumption tax.
If you buy goods over $400 online, you can pay the 8% consumption tax to the Singapore Customs Bureau through express service or the new post.
All goods shipped by sea, regardless of whether the value is high or low, are subject to GST paid to the Singapore Customs Authority by courier service.
In the past, Singapore buyers did not need to pay consumption tax when buying low-priced goods (less than $400 yuan) online on foreign e-commerce platforms, but they did when buying local goods. As a result, many people do not like to buy local things in Singapore. This adjustment also hopes that local and overseas enterprises can compete fairly.
Fans want to buy something in a treasure as early as possible! After December 31, the price of goods will increase by at least 1%!
Installment payments are also affected
If the goods are delivered after January 1 next yearYou need to pay 8% consumption tax.
Some fans may have to ask, if the consumption tax will not rise until January 1 next year, how will the installment payment be calculated?
Take a "chestnut" for example: Xiao Ming bought a computer in June 2022 and paid it in installments for 12 months. He will not be able to pay off all the money until the end of May 2023. How will the consumption tax be calculated?
In this case, it depends on the "delivery date" of the goods. If the computer is delivered before January 1 next year, then all installments will only need to pay 7% consumption tax.
However, if the computer is delivered after January 1 next year, no matter when the order is issued, the installment payment after January 1 will also have to pay 8% consumption tax.
In other words, if fans pay in installments to buy valuable things, but the goods have not yet arrived, it is time to rush!
GST on Purchased Services
Calculated by specific service date
Another situation is more complicated, assuming that fans buy some kind of door-to-door service (such as door-to-door cleaning or air conditioning repair, you don't want to slanting ha).
Even for orders issued before January 1 next year, the receipt clearly states a 7% consumption tax. As long as businesses are "on-site service" after January 1, they must be calculated according to the 8% consumption tax.
The invoice issued before will no longer count, the merchant will reissue an invoice, and the consumer will need to make up the extra money.
So if fans plan to find someone to "clean up" before the new year, consider letting him come before the end of December. Otherwise, we will lose again!
Attention students!
Now is the best way to pay for next year's tuition.Next year you will have to pay 1% more.
Next, students should pay special attention to this!
Tuition fees at international schools in Singapore are not cheap, so an extra 1% could mean hundreds of dollars.
For those international students who have already paid their tuition fees in 2023, you are safe, and the consumption tax is still calculated at 7%. However, if the tuition fee is paid after January 1, 2023, it will be calculated at 8%.
As soon as the news came out, many Chinese parents asked: Can you pay the three-year tuition together? This will save money on several iPhones.
I have to say, this method is feasible! Singapore's basic education is among the best in the world. Parents who want their children to study in Singapore should also be early! After all, the tuition will be more expensive next year!
Get married as early as possible!
Even if the deposit has been paidNext year's wedding will also be given 1% more.
In the post-epidemic era, many couples whose marriage plans were forced to "run aground" for two years quickly held weddings.
I also want to tell everyone that if you want to hold a wedding, it will be as early as possible, because the price of the banquet will rise next year, even if you have already given a deposit, the merchant will not be able to issue an invoice!
For example, the banquet you want to run costs $11000. Today you gave a deposit of $1000, which is $1070 after 7% consumption tax. And wait until March next year, is the official banquet day, then the balance of $10000, you will have to pay 8% consumption tax, that is, $10800!
Therefore, it is also early to get married and hold a wine!
Buy expensive watches, gold and silver jewelry.and high-priced appliances
Because GST is about to be raised by 1%, how can Po Island residents, who are super afraid of losing, have no response at all?
Many "investors" bought expensive watches, gold and silver ingots, jewelry and so on before the GST was raised. After all, 1% doesn't sound like much, it depends on what you buy. Some expensive watches are always 100000 and 200000. This 1% is thousands of oceans!
At the same time, many residents of Po Island are also rushing to replace their high-priced electronic products such as TVs, refrigerators and washing machines before the Spring Festival.
A local operator said that the sales of large electrical appliances in the store have been extremely hot recently, and many people have rushed to replace washing machines, televisions and computers that have been used in their homes for 6-7 years before the consumption tax rises, even if they are not broken......
In this regard, local analysts believe that this is a kind of psychology of "picking up cheap and retaliating for consumption" before the consumption tax is raised. When the inflation of the whole island is serious and the economic outlook for next year is still sluggish, this psychology will slow down after the holiday.
"After Christmas or the Lunar New Year, the overall buying of gas will gradually slow down. People may re-examine their financial situation to see what is necessary and unnecessary consumption."
The Singapore government will increase the consumption tax (GST) from the current 7% to 8% from January 1, 2023.
In other words, starting from January 1 next year, all local consumption will be subject to 8% consumption tax (GST).
Hold on tight when you have the goods ~
