Dec
3
The Critical Importance of Securing an Extension to the 60
Learn about Singapore's 60-day GST rule for exports and how businesses can navigate challenges when receiving advance payments from overseas customers. Discover how our team secured a 1-year extension for a client, ensuring compliance, operational flexibility, and competitive pricing.
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?".
Dec
29
Key GST changes from 1 October 2021 – Claiming GST on medical expenses
The key GST changes for the last quarter of 2021 are in respect of GST incurred on medical expenses. The challenge for you is to find the specific law supporting the requirements to have that medical treatment, medical facility or medical practitioner provided to your employees in your specific industry.
Sep
29
GST Guide on Insurance: Cash payments and input tax on motor car expenses
The IRAS has updated the GST Guide on Insurance: Cash payments and input tax on motor car expenses on 27 August 2021. This is a very specific guide for GST-registered insurance companies. Basically, the GST e-tax guide talks about when a GST-registered insurance company can make a deemed input tax if the insurance company makes a cash payment to the claimant when an insured event happens.
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.
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...
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.
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.
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!
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...
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.
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?
Feb
23
Updates on 6 GST E-Tax Guides by IRAS
We should highlight that just before the 2021 budget updates, the IRAS has updated the following GST e-tax guides on 10 February 2021.
Jan
26
Section 33(1) Agent and the Importation of Controlled Goods
The IRAS has published the sixth edition of the GST guide on imports, on 20 January 2021.
Jan
15
GST E-Tax Guide For Property Owners & Property Holding Companies
The IRAS has published the sixth edition of GST Guide for property owners and property holding companies on the 8 January 2020.
Nov
10
NEW! GST E-tax Guide on Transfer Pricing Adjustment
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.
Oct
26
Entering Invoicing Details Into The Customer’s Platform And Self-billing Arrangement - A Cut From The Same Cloth
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.
Sep
7
Claiming Of Input Tax On Expenses Incurred During The COVID-19 Pandemic: The Devil Is In The Detail
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.
Aug
27
[SCTP] GST Risks and Controls Series: Self-Billing Arrangement
Understand the GST risks for self-billing arrangement so that you can put in a process to mitigate the GST risk.
Aug
11
[SCTP] Should You Take Part in a GST ACAP or ASK Review?
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).
Apr
27
GST E-tax Guide on Exemption of Investment Precious Metals (IPM)
The GST e-tax guide has been updated with more examples of qualifying bars, ingots and wafers.
Apr
1
GST e-tax guide on Partial Exemption And Input Tax Recovery
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.
Mar
2
GST E-tax Guide on Customer Accounting for Prescribed Goods
This is just an editorial update to exclude digital payment tokens as taxable supplies with effect from 1 Jan 2020 in paragraph 2.1.
Mar
2
GST E-tax Guide on Charities and Non-profit Organisations
This is an editorial update to include the supply of digital payment token as an exempt supply in footnote 6 of the e-tax guide. However, Charities and NPO should read the guide in details as it also has details on the reverse charge, which is effective from 1 Jan 2020.
Jan
29
GST E-tax Guide on Fringe Benefits
New administrative concession for temporary accommodation for foreign employees and transport expenses with effect from 1 Feb 2020. Definition of foreign employees added.
Jan
28
GST E-tax Guide on Customer Accounting for Prescribed Goods
Following the change in rule for prompt payment discount with effect from 1 Apr 2020, the e-tax guide on customer accounting for prescribed goods has also been updated with regard to the paragraph on prompt payment discount.
Jan
28
GST Guide on Transfer of Business as a Going Concern
This is merely an editorial update to include the supply of digital payment token as an exempt supply (paragraph 3.3) with effect from 1 January 2020 and the use of such digital payment token as payment for goods and services to be an excluded transaction (paragraph 14).
Jan
17
GST E-tax Guide for Retailers
The IRAS has updated the above e-tax guide with new paragraph on retailers operating at Changi International Airport on 17 January 2020.
Dec
30
GST E-tax Guide on Reimbursement and Disbursement of Expenses
This is an editorial update to include the supply of digital payment token as an exempt supply (the table on paragraph 6.2 and paragraph 6.33 and the table on Annex 1).
Nov
27
GST E-tax Guides on Export and Hand-carried Export Scheme
Main changes are in respect of the digital endorsement of export permit for hand-carried export scheme instead of manual endorsement on the export permit. The digital services can be subscribed via the Networked Trade Platform ("NTP").
Nov
21
New GST e-tax guide on e-commerce
It seems like a summary of different e-tax guides like overseas vendor registration regime, belonging status of customers etc. Nothing new in the e-tax guide if you are already familiar with the e-tax guide on overseas vendor registration regime.
Nov
19
New and finalised version of the GST e-tax guide on digital payment tokens
One key takeaway is that you should always report the value of exempt supplies based on the net realised gains/losses when you exchange your cryptocurrency with fiat or other cryptocurrency and not based on the proceeds received. As the exchange of cryptocurrency with a local person is an exempt supply (non-regulation 33 exempt supplies), the lower the value of exempt supply (based on realised gains/losses), the better it is for the purpose of calculating your input tax recovery.
Nov
13
GST E-tax Guide on Advance Ruling System
The update is to reflect the change of IRAS bank account number to remit fees for advance ruling. No changes to the content and procedure for advance ruling.
Nov
11
GST E-tax Guide on Web Hosting and Server Co-Location Services
This e-tax guide has been updated with the changes with respect to reverse charge that will be effective from 1 Jan 2020. No specific changes to web hosting or server co-location services per se. With the introduction of the reverse charge rules, services directly benefiting a local GST registered person can also be zero-rated under section 21(3)(j) and section 21(3)(s) of the GST Act.
Nov
6
IRAS Update On Deposit On 6 November 2019
The IRAS has updated their webiste content on deposit on 6 November 2019. The gist of the update is that even if a deposit is refunded to the customer when the supply is cancelled, it is not treated as a refundable deposit for GST purposes.
Nov
6
GST E-tax Guide on The Rules For Gifts
The IRAS has updated their website content on the rules for gifts. Please note in the example provided by the IRAS, if the total cost of the gifts provided to one company exceeds $200 in a quarter (regardless of whether the gifts are given on two separate occasions in a quarter or if the gifts are given to two different department of the same company), you would need to account for deemed output tax.
Nov
1
GST Updates On Prompt Payment Discount
There will be a change in rules for prompt payment discount with effect from 1 April 2020. GST will be charged on the discounted price only if the customer fulfills the condition of the prompt payment discount.
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