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GST Rate Change

Please be informed that the Singapore Goods and Services (GST) will be increased from:

  • 7% to 8%, with effect from 1 Jan 2023; and
  • 8% to 9%, with effect from 1 Jan 2024. 

As services provided by Chubb are subject to GST at the prevailing rate, the following will be applicable and reflected accordingly on your nominated account: 

If the policy enrolment/policy renewal takes place GST applicable
Before 1 Jan 2023

7%
Between 1 Jan to 31 Dec 2023

8%
On/after 1 Jan 2024 9%

For more details on GST Rate Change for Consumers, you may refer to:
www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-rate-change/gst-rate-change-for-consumers1

        

Frequently Asked Questions (FAQs)

For Policies Purchased in 2022

If I purchase a policy with premium fully paid on 20 Dec 2022 for coverage period from 20 Dec 2022 to 19 Dec 2023, what will be the applicable GST rate?

For premium payment received before 1 Jan 2023, the GST rate applicable is 7%.

I received a renewal notice with 7% GST. However, I missed the payment in 2022, am I still entitled to the 7% GST based on the renewal notice?

For payment not received by 31 Dec 2022, you will receive a revised renewal notice for the change in GST rate based on your period of insurance – 8% for period of insurance in 2023 and 7% for period of insurance in 2022.

For Policies Purchased in 2023

If I purchase a policy in 2023, for period of coverage which commences in 2022, am I entitled to 7% GST for the period of insurance in 2022? 

No, all tax invoices issued in 2023 would reflect 8% GST.

Need Help?

Should you require any further clarifications on the GST rate change, you can drop us an email at CustomerService.SG@chubb.com.