As you may be aware, it was announced by the Inland Revenue Authority of Singapore [IRAS] the Goods & Services Tax [GST in short] will be increased from 5% to 7% with effect from 1 July 2007.
Under the IRAS's guideline, an additional 2% GST will be charged for all invoices that remain outstanding as at 1 July 2007.
The GST of 7% will apply to General and Health Insurance products. It will NOT apply to Life Insurance products.
NTUC INCOME's policyholders who have outstanding premiums due [health & general insurances] and have not settled yet are therefore advised to settle by 30 Jun 2007.
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