New Changes in Singapore for 2023 - - Singapore Lifestyle Portal

New Changes in Singapore for 2023

Happy new year!

A New Year means new changes. Here's what going to change in Singapore.

1 GST increase

From Jan 1 2023, GST will increase from seven to eight per cent. While this may not be much, there may be instances where retailers will use this GST hike as a disguise to raise prices. On the flip side, some retailers absorb the increase for a certain time. Do check your prices before and after 2023 to confirm!

2 GST to be paid on ALL online transactions

From Jan 1 2023, consumers will have to pay GST on goods imported into Singapore via air or post, regardless of value. This will impact your shopping haul from Shopee, Lazada and other online platforms. Before this, small overseas retailers were exempt from paying GST on their goods, so this would mean more expensive to shop from overseas retailers.

3 Increase in the minimum retirement sum for CPF 

Turning 55? 

There will be a 3.5% increase in CPF minimum sum from $96,000 in 2022 to $99,400 in 2023.

4 CPF Basic Healthcare sum to increase to $68,500

This will increase from $66,000 to $68,500. Any Medisave contributions in excess of a member's BHS will automatically be transferred to his or her other CPF accounts. Members above 66 will not be affected. 

CPF members who have less than the BHS are not required to top up their Medisave  Accounts and will still be able to withdraw from their accounts to pay for approved medical expenses.

5 Revision of Property Annual Values in 2023

From 1 Jan 2023, you may have to pay a higher property tax. Annual Values (AV) for most residential properties, including private property and HDB will be revised upwards to reflect an increase in market rents.

This will mean that property tax will increase for most households. There will be a one-off property tax rebate of 60% (up to a maximum of $60)

6 Progressive Property tax rates for residential properties effective 1st Jan 2023

7 The Float at Marina Bay will disappear

The float at Marina Bay was opened in 2007. It will close permanently on March 2023. In its place, NS Square will be constructed. This will increase the seating capacity from 27,000 to 30,000. NS Square is scheduled to be ready by 2025.

8 F1 Track to change in 2023

Fans of F1 will see a faster lap for 2023. With the Float at Marina Bay dismantled, the course will change for 2023 F1 race. The change will reduce lap time by about 8 seconds. The question is where are they going to replace the 27,000 seats lost?

9 70 Schools to welcome New Principals in 2023

There will be new principals for Primary and Secondary schools in 2023. The full list can be found here.

10 New Overseas Networks & Expertise work pass (ONEWP)

A 5-year work pass that allows holders to start, operate and work for multiple companies in Singapore at the same time will be introduced. Applicants will require a monthly fixed salary of $30,000 within the last year and earn a fixed monthly salary of $30,000 under future employment. An exception may be made for candidates with outstanding achievements across the arts and culture, sports, science and technology, research and academia.

These are the key benefits of ONEWP vs EP

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