The IRAS has updated the GST e-tax guide on fringe benefits on 29 January 2020.  Key changes to this update include:

Fringe Benefits

GST on fringe benefits is a risky area for compliance purposes although the amount involved is usually not material.  The company needs to take a balance approach between maximizing the input tax claims on fringe benefits versus the additional administrative work (i.e. documentation and calculating between business and private purposes) involved to support the input tax claims in the event of an IRAS audit.

Speak to your HR department now to understand the different fringe benefits provided and identify gaps, if any.  Talk to us to see how we can help you to put in the controls and processes to mitigate the GST risks on fringe benefits.

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