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Sep
10
IRAS GST audits and penalties - A concerning trend?

In the financial year ended 31 March 2021, the IRAS has conducted 2,858 GST audits cases, and the additional taxes and penalties collected from the IRAS GST audits is $207,896,000. This works out to an average of $73,000 of tax and penalties per IRAS GST audit case.

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Aug
4
GST Incurred on Termination Expenses: Is It Claimable?

The IRAS has recently amended its GST Guide on attribution of input tax on 9 July 2021. In the latest edition of the said e-tax guide, the IRAS has explained that for a partial exempt person (i.e. someone who makes both taxable and exempt supplies), GST incurred on termination expenses would not be claimable if...

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Jul
5
Latest Updates on e-Tax Guide: Partial Exemption & Input Tax Recovery

The IRAS has updated the GST Guide on Partial Exemption and Input Tax Recovery on 22 June 2021. This is a critical update that can affect businesses that make incidental exempt supplies under regulation 29(3) of the GST General Regulations. Businesses that don’t meet the new clarification provided by the IRAS would have a GST exposure.

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Jun
28
GST Guide Updates on Advertising Industry (11 June 2021)

One of the recent 2021 budget changes for GST is that the rule for determining the GST treatment for media sales (i.e. advertisement space) will change with effect from 1 January 2022. Currently, the GST treatment for media sales depends on the place of circulation of the advertisement. From 1 January 2022, zero-rating will be based on the country of the customer and the direct beneficiary. If the customer belongs outside Singapore and the direct beneficiary either belongs outside Singapore or is GST-registered in Singapore, the media sales will be zero-rated.

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Jun
4
Latest updates on e-Tax Guide: Marine Industry (31 May 2021)

As you may know, Delivery Notes (DN) which are endorsed by the Master/Chief Engineer are often part of the documentation required for marine businesses to maintain to support the zero-rating of their supply of goods. Did you know? IRAS has recently updated the GST Guide for the Marine Industry (hyperlink) on 31 May 2021 and will now accept both physically endorsed or digitally signed DN by the Master/Chief Engineer of the ship as part of the documentation maintained for zero-rating. This is in compliance with the Electronic Transactions Act (which supports the use of electronic signatures and provides a legal foundation for electronic transactions) and will definitely help ease the GST compliance efforts since it may sometimes be difficult for the Master/Chief Engineer to physically sign on the DN, especially when he/she may be anywhere around the world! Please refer to the guide (hyperlink) from the IRAS for more details. This is the right move by the IRAS and we sure hope that digitally signed document would be the norms for the tax authorities going forward. If you have any enquiries or need help on GST matters, do feel free to contact us!

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Jun
1
Updates on Hand-Carried Export Scheme (HCES)

The IRAS has updated their e-tax guides on "GST: Guide on Hand-Carried Export Scheme" and "Guide on Exports" on 18 February 2021...

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May
4
Extension of Concessionary Tax Treatment for Registered Charities and IPC

To support philanthropic giving and to ease compliance, the IRAS has extended the concessionary tax treatment for registered Charities and IPC.

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Apr
21
Should You Participate in GST ACAP?

While ACAP participation is on a voluntary basis, the IRAS has been sending out letters inviting companies to participate in ACAP in lieu of an IRAS audit. Are you one of the chosen ones? Not sure if you should embark on one?

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Workshops & Seminars

2 CPE HOURS

Tue, Oct, 12, 10 am to 12 pm

This is a recurring webinar for the GST risks and controls series: How to review your GST returns?

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2 CPE HOURS

Thu, Oct, 14, 10 am to 12 pm

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.

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10 CPE HOURS

Tue, Nov, 16, 9.30am to 12pm and 2.30 pm to 5 pm

We have come up with a two-day course on the GST recovery of expenses and international services, to help you decide the GST treatment on that cost recovery, as well as to correct some misconceptions on the requirement for zero-rating under the "international services" provision.

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10 CPE HOURS

Thu, Nov, 18, 9.30am to 12pm and 2.30 pm to 5 pm

We have come up with a two-day course on the GST recovery of expenses and international services, to help you decide the GST treatment on that cost recovery, as well as to correct some misconceptions on the requirement for zero-rating under the "international services" provision.

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6 CPE HOURS

Thu, Dec, 9, 9 am to 12 pm and 2 pm to 5 pm

This course does not only apply to new members in the finance or accounting team, but it also acts as a refresher course to senior accountants or finance managers.

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2 CPE HOURS

Tue, Dec, 14, 10 am to 12 pm

This is a recurring webinar for the GST risks and controls series: How to review your GST returns?

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Services

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”).

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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.

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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?

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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.

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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.

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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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