GST Rate revisions from 1 Jan 2023
In Budget 2022, the Minister for Finance announced that the GST rate will be increased from 7% in 2022 to 8% in 2023 and subsequently 9% in 2024.
The GST rate applied to your 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.
QBE reserves the right to adjust the GST on your premium in accordance with the IRAS guidelines.
If you have any queries, please contact your QBE account handler or QBE agent/broker.