IKEA Singapore to absorb 1% GST rate increase in 2024 to 'support' customers

IKEA Singapore to accept 1% GST rate increase in 2024 to ‘support’ customers

  • In just a few days, Singapore’s GST rate will rise to 9 per cent – an increase from the current 8 per cent Singaporeans are paying. With Jan 1, 2024 approaching, it seems like consumers will soon pay even more for their purchases at most shops – unless they’re shopping at furnishing brand IKEA, that is.
  • IKEA Singapore announced on Thursday (Dec 21) that it will be absorbing the 1 per cent hike, effective Jan 1 – meaning that all the products on-site and online will stay at their current prices.
  • In a press release, IKEA Singapore said that this was done after they “made extra efforts to ensure efficiencies in the supply chain so that they can pass on savings through guaranteed low prices for customers”. It did not state until when they’ll be absorbing the 1 per cent GST rate increase.
  • Gerard Jansen, Country Retail Director of IKEA Singapore and Philippines, added: “Ikea Singapore remains committed in our mission to create a better everyday life for the many people and we are glad to be able to keep prices down to support our customers especially in challenging times, when they need it the most.
  • “Our decision to absorb the new GST rate increase fulfils our promise to customers of being the most affordable, accessible, and sustainable home furnishing retailer in the country.”
  • The brand had previously accepted 2023’s GST increase from 7 to 8 per cent and lowered prices on 144 items in Sept

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