Oct
11
Understanding the Shift: Corporate Tax Audit Recoveries Surpass GST in Singapore
Penalties in corporate tax audits now outpace GST - What does this mean for your business and audit risks? Find out more!
Jan
12
Doubling of GST error threshold from S$1,500 to S$3,000 - UPDATE!
The IRAS has finally updated the GST error threshold from $1,500 to S$3,000 with effect from 1 January 2024. What this means is that if you make error with GST implications of less than $3,000 and the total non- GST amounts in error is not more than 5% , you can choose to adjust the errors in your next GST F5 filing.
May
25
Herbalife vs Comptroller of Goods and Services Tax - Is this the beginning of a lower GST registration threshold?
This is one of the most interesting GST cases in recent years and we applaud the taxpayer and lawyers for their grit to bring the appeal all the way up to the high court.
Dec
16
Overseas Vendor Registration (OVR) Regime – UPDATE!
From 1 January 2023, the scope of OVR Regime will also be extended to include non-digital services (collectively known as remote services) and LVG. All in effort to level the playing field for local businesses in Singapore to compete effectively.
Dec
16
Reverse Charge – UPDATE!
With effect from 1 January 2023, the application of reverse charge will be extended. The GST will apply to these imported LVG in the same spirit of achieving parity in GST treatment between LVG consumed in Singapore, regardless of where (which country) the supplier belongs.
Dec
9
GST Update on Digital Payment Tokens
When the IRAS first published the e-tax guide on Digital Payment Tokens, it may have been difficult or troublesome for businesses to determine whether the Digital Payment Tokens supplied can be exempted from GST.
Nov
30
GST Update on Carbon Credits
The IRAS has changed the GST treatment for the supply of carbon credit with effect from 23 November 2022. This includes issuance, transfer or sale of any carbon credit or digital representation of carbon credit, including carbon credits issued by the National Environment Agency (NEA).
Feb
25
GST Rate Change: Does +2 = 1 + 1?
Most of us would have expected the GST rate to increase from the current 7% to 9% directly. The question that all of us had in mind was, “When?".
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Workshops & Seminars
CPE HOURS
Tue, Nov, 12, 9:00am to 12:30pm
This is a recurring seminar for the GST risks and controls series: How to review your GST returns?
CPE HOURS
Tue, Nov, 19, 9:00am to 12:30pm
The Major Exporter Scheme (MES) is one of the most common GST schemes in Singapore to relieve companies of the cash flow cost of paying import GST to Singapore Customs and subsequently claiming it as input tax in the GST returns.
CPE HOURS
Fri, Dec, 20, 9:00am to 12:30pm
This is a recurring seminar for the GST risks and controls series: How to review your GST returns?
CPE HOURS
Tue, Dec, 31, Bite-Sized, Anytime, Anywhere
Gain a comprehensive understanding of the reverse charge mechanism with our e-learning course, now available on the ISCAccountify platform.
Services
Fiscal Representative and Section 33(1) Agent
In order for foreign companies to register for GST in Singapore, the Inland Revenue Authority of Singapore requires the foreign company to appoint a local agent pursuant to section 33(1) of the GST Act (i.e. also known as the section 33(1) agent) when applying for GST registration in Singapore.
Post ACAP Review (PAR）
The PAR can be done internally unless the Company has GST scheme like the Major Exporter Scheme (MES) or the Import GST Deferment Scheme (IGDS) where the PAR must be performed or certified by an Accredited Tax Practitioner (ATP) or Accredited Tax Advisor (ATA) of Singapore Institute of Accredited Tax Practitioner (SIATP).
GST Assisted Self-Help Kit (ASK) Review
The ASK review is a self assessment compliance package developed by the Inland Revenue Authority of Singapore (“IRAS”) to review the correctness of their GST submission and discover past GST errors early so as to qualify for IRAS Voluntary Disclosure Programme (“VDP”). The ASK review is also necessary for companies who are applying or renewing their GST schemes such as the Major Exporter Scheme (“MES”), Import GST Deferment Scheme (“IGDS”) and the Approved Contract Manufacturing and Trader (“ACMT”) Scheme.
Customised In-House GST Training
Have you ever come across a situation where the topics covered in a GST workshop (e.g. export documents, input tax, fringe benefits, imports etc) are relevant to different departments (e.g. logistic, accounts payable, human resource and finance etc) in your organisation? You feel like sending all of them to the GST workshop but you are afraid that they will get bored and their time is wasted when the trainer shares about topics that are not relevant to their work?
GST Registration
The rules for GST registration in Singapore is simple. As long as the expected and or past value of your taxable supplies (i.e. sales) is more than $1million in a year, you should register for GST.
Retainer Services
Indirect tax is playing a more important role as transactions get more complex. With the introduction of reverse charge with effect from 1 January 2020, partial exempt companies will have additional reporting requirement to account for output tax on imported services.
Other Services
Malaysia Sales and Services Tax
Malaysia legislated sales tax and service tax with effect from 1 September 2018 under the Sales Tax Act 2018 and Service Tax Act 2018.
Malaysia GST Audit
The Malaysian Customs have been conducting GST close-out audits to check the accuracy of GST returns made since the GST was repealed.
Malaysia Digital Services Tax
With effect from 1 January 2020, any foreign service provider who provides digital services to any consumer in Malaysia, which total revenue from such services exceed Ringgit Malaysia Five Hundred Thousand (RM500,000) in a continuous twelve (12) months calendar period, is liable to register as a service tax registrant. The foreign service provider is then required to charge service tax on any digital service provided to a Malaysian consumer.
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