Notification of Goods and Services Tax (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: 

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

If I purchase a policy with premium fully paid on 20 Dec 2023 for coverage period from 20 Dec 2023 to 19 Dec 2024, what will be the applicable GST rate?

For full premium payment received before 1 Jan 2024, the GST rate applicable is 8%.

I received a renewal notice and tax invoice with 8% GST. However, I missed the payment in 2023, am I still entitled to the 8% GST based on the renewal notice and tax invoice?

For payment not received by 31 Dec 2023, you will receive a credit note with the corresponding 8% GST and revised tax invoice for the change in GST rate based on your period of insurance – 9% for period of insurance in 2024 and 8% for period of insurance in 2023.

If I purchase a policy in 2024, for period of coverage which commences in 2023, am I entitled to 8% GST for the period of insurance in 2023? 

No, all tax invoices issued in 2024 would reflect 9% GST.

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