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Singapore GST rate change from 1 January 2024

MN
2023/17

From 1 January 2024, the Singapore Goods and Services Tax (GST) rate will be revised from 8% to 9%, as announced by the Ministry for Finance during Budget 2022.

Accordingly, Climate Impact X (CIX) would like to inform members that GST on transaction fees will be charged at the prevailing rate as per below:

Invoice Issued DateGST Rate Chargeable on Fees
Before 1 January 20248%
On or after 1 January 20249%

Please note that as of 23 November 2022, the issuance, transfer or sale of any carbon credit (or any digital representation of a carbon credit), including those issued by the National Environment Agency, is treated as neither a supply of goods nor a supply of services. Further details can be found on the IRAS website here. Therefore, the above GST rate will only apply to CIX’s transaction fees.

For queries on this notice, please reach out to CIX’s support team at +65 3135 1620 or email support@climateimpactx.com.