Committee of Supply 2025 debate, Day 1: Chee Hong Tat on improving government processes for businesses
The Inland Revenue Authority of Singapore will extend the grace period for businesses to begin charging GST from one month to two months. Currently, businesses expecting to cross the S$1 million taxable turnover threshold within the next 12 months must register for and start charging GST within a month of forecast. Second Finance Minister Chee Hong Tat, who announced this in parliament on Friday (Feb 28), said this timeline can be tight for some small- and medium-sized enterprises (SMEs). He said the change will give SMEs more time to prepare. It will take effect from Jul 1 this year and benefit 1,500 businesses every year, he said. Mr Chee also highlighted other efforts by the government to improve the rules and processes for businesses. He said this approach is in line with the spirit of Forward Singapore and reinforces in agencies the importance of working with citizens and businesses, while taking on board their feedback to continually improve policies, rules and processes. He added that the government’s spending over this term has delivered good outcomes for Singapore.
The Inland Revenue Authority of Singapore will extend the grace period for businesses to begin charging GST from one month to two months. Currently, businesses expecting to cross the S$1 million taxable turnover threshold within the next 12 months must register for and start charging GST within a month of forecast. Second Finance Minister Chee Hong Tat, who announced this in parliament on Friday (Feb 28), said this timeline can be tight for some small- and medium-sized enterprises (SMEs). He said the change will give SMEs more time to prepare. It will take effect from Jul 1 this year and benefit 1,500 businesses every year, he said. Mr Chee also highlighted other efforts by the government to improve the rules and processes for businesses. He said this approach is in line with the spirit of Forward Singapore and reinforces in agencies the importance of working with citizens and businesses, while taking on board their feedback to continually improve policies, rules and processes. He added that the government’s spending over this term has delivered good outcomes for Singapore.
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