If you are subscribed to Google-related services such as Google Drive, YouTube and so forth, this news might surprise you. Recently, the tech giant announced that the SST rate for its services will rise from 6% to 8%. So, what should you know about it?
For your information, the new SST rate will be enforced from 1 March 2024 onwards. This move is in line with what the government announced in the 2024 Budget. Hence, you will have to pay more to enjoy Google and its services.
Moreover, we could expect other streaming platforms or companies to follow suit. That includes Disney Hotstar, Netflix, Viu and more. You can also expect services such as Steam, PlayStation Network, and PC Game Pass to issue an official announcement about this subject soon.
As for food and beverages (F&B) and telecommunications, they will not be levied an additional 2% tax rate. The government stated that these two industries are regarded as necessities for people's lives. Plus, parking lots and logistics services will not be subject to SST adjustments. So, that’s a relief.
We have yet to confirm other details on this subject. Hopefully, the service providers will introduce affordable plans for everyone. You might want to start cutting off unnecessary commitments to secure your finance.
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