The IRAS has published the sixth edition of GST Guide for property owners and property holding companies on the 8 January 2020.
The IRAS has published the first edition of the GST e-tax guide on transfer pricing on 9 November 2020. It is a relieve to note that the IRAS has taken a practical approach for such transfer pricing adjustments for GST purposes. The IRAS has provided three administrative concessions where GST adjustments need not be made for transfer pricing adjustments.
The key update to this guide is the inclusion of the conditions that businesses must adhere to when invoicing details are entered into the customer’s platform (also known as customer’s electronic system (“CES”)) in lieu of receiving tax invoices generated by the supplier for the purpose of input tax claim.
The IRAS has updated their website on 1 September 2020 and provided guidance on whether expenses incurred for employees to support them during the Covid-19 pandemic can be claimed as input tax.
There are two main GST compliance initiatives introduced by the IRAS to help GST registered businesses voluntarily comply – Assisted Compliance Assurance Programme (ACAP) and Assisted Self-Help Kit (ASK).
Partial exemption is a high risk area for GST compliance (think about reverse charge) but there are also opportunities to increase the input tax recovery rate for certain businesses.
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Tue, May, 11, 9 am to 12 pm and 1.30 pm to 4.30 pm
The fundamentals of GST course is designed to bring your new accountants up to speed on the critical GST concepts that are applicable in their respective roles (e.g. accounts payable, accounts receivable and general ledger).
Thu, Jun, 10, 9 am to 11.30 am
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.
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”).
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.
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?
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.
Greatearth Construction Pte Ltd
Eddie's indepth knowledge and subject matter understanding is very evident with his sharing, good examples which I could well relate to. GST is a dry topic but made easy to understand by Eddie's simple yet clear presentation. The webinar was peppered with examples, and that was the biggest takeaway.
Bosch Rexroth Pte Ltd
Our company has recently engaged JetTax to conduct a reviewed on the “GST Assisted Self-Help Kit”. Eddie and team has shown us their professionalism and commitments. Their knowledge on GST topics are excellent and undeniable. We have broaden our knowledge during this period. We would like to take this opportunity to thanks Eddie & Garry for the services and guidance that you’ve rendered to us and looking forward on our next future projects.
Eddie assisted one of my entities with ASK and it was done in an extremely professional manner. My team that worked with him mentioned that there was clear communication from him at all times and fast responses which is crucial especially at a time Sg is in circuit breaker mode. We completed the ASK in a timely manner and I got the assurance that my team had good controls in the scope of ASK. I would recommend Eddie / JED and would not hesitate to consider him in future work / projects.
It’s good to that the course utilises the interactive website platform for quizzes and question asking. It provides a more refreshed way in learning compared to the usual lesson plan.
Eddie has related the course very well to the services that the company provides to its clients. He has included many practical examples to help facilitate the understanding of the concepts. Thank you for a job well done!
Global MNC in the oil and gas industry
I have worked closely with Eddie on both projects. Eddie showed excellent grasp of business operational processes and his thoroughness and sensible approach on technical rules and applications facilitated discussions with all levels of internal stakeholders. In addition, Eddie has a respectful working relationship with IRAS officers and he demonstrated strong technical expertise when clarifying and articulating submissions. Furthermore, despite conflicting priorities, Eddie and his team provided solid support and diligently met tight project timelines, which resulted in deliverables achieved ahead of deadlines.
Listed MNC - Global Manufacturing Solution Providers
I have worked with Eddie for more than six years and he has always been our first choice of Singapore GST advisor to go to. Not only is he very professional and knowledgeable, he always offers practical analysis and solutions that meet both client and tax authority's needs.