Motor Insurance for Foreign Vehicles Entering and Whilst Used in Singapore
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GST Rates revisions from 1 January 2023
In Budget 2022, the Minister of Finance announced that the GST rate will be increased from 7% in 2022 to 8% in 2023 and subsequently 9% in 2024.
Following this, we wish to inform you that the GST rate applied to the policy may change based on factors such as : (1) when the premium is received, (2) when the invoice is issued or (3) when the policy incepts.
MSFC reserves the right to adjust the GST on the premium in accordance with the IRAS guideline.