Should You Participate in GST ACAP?
What is ACAP?
GST Assisted Compliance Assurance Programme (“ACAP”) is a compliance initiative introduced by the IRAS to help businesses who want to set up a robust GST Control Framework as part of good corporate governance.
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?
Then this article may have the answer that you are searching for.
Above are the general traits that a business should possess in order to participate in the GST ACAP. If your company does not meet at least three of the traits, it is time to reconsider your option and consider GST ASK review instead.
For more guidance on whether GST ACAP is the right programme for your company, you can take some time to read this article “Should You Take Part in a GST ACAP or ASK Review?”, which was written by our Tax Director, Eddie Soh.
How can JedTax help you?
JedTax has a team of Accredited Tax Advisor (ATA) and Accredited Tax Practitioner (ATP) professionals with extensive experience in GST ACAP and ASK review. We can help with assessing your company’s suitability for GST ACAP or to appeal to IRAS to replace the ACAP with an ASK review.
Eddie is the co-founder and Tax Director of Jed Tax Consulting Pte Ltd. Jed Tax Consulting is an independent GST consulting firm in Singapore, provides support to clients with all aspects of GST matters (e.g. MES renewal, ASK and ACAP review, IRAS audit queries, tax codes review and set-up, GST advisory, GST return filing and in-house training etc). Jed Tax Consulting is supported by a team of accredited tax practitioners and advisors with vast experience in IRAS and Big 4 accounting firms.
We also work with audit and accounting firms to advise on their clients complex GST matters and in-house training. Share This Page