The Singapore government announced in February this year that the goods and services tax (GST) will be increased from the current 7% to 9% over the next two years:
• 8% GST from 1 January 2023
• 9% GST from 1 January 2024
This means that in year 2023, invoices issued and fees collected by PSB Academy will be subject to the prevailing GST of 8% instead of the current 7%, and in year 2024, invoices issued and fees collected by PSB Academy will be subject to the then prevailing GST rate of 9%.
As fees must be inclusive of GST at prevailing rate by law, all student contracts and invoices issued and payments received by 31 Dec 2022 will be inclusive of the current 7% GST. With effect from 1 January 2023, all student contracts and invoices issued will be inclusive of the new 8% GST.
From your student contract, you will be able to calculate the 2023/2024 GST-inclusive fee payable by:
This notice serves to supersede all 2023 and 2024 fees payable in your signed student contract. Kindly contact us
if you have any queries or concerns.