GST Advisory and Retainer Services
GST issues rarely arise only once, during invoicing, preparation of GST return, business restructuring, cross-border transactions, or when the Inland Revenue Authority of Singapore (IRAS) issues queries or review letters.
Indirect tax requirements in Singapore continue to evolve and become more complex. With the introduction of the Reverse Charge Mechanism, effective from 1 January 2020, partial exempt companies will have additional reporting requirements to account for output tax on imported services. Whether it’s complicated import-related GST, partial exemption adjustments, or day-to-day query resolution, having the right indirect tax expertise on hand matters.
At JedTax, we understand it is not easy to have an additional headcount in your organization. That’s why we offer our GST advisory services; our GST specialists are always ready to answer your GST questions whenever issues arise.
Frequently Asked Questions About GST Retainer Services (Singapore)
1. What is a GST retainer service?
A GST retainer service is an ongoing advisory arrangement where a business engages a GST specialist on a monthly or annual basis to provide continuous support on Goods and Services Tax matters.
Instead of seeking advice only when issues arise, companies can obtain timely guidance on GST treatment, compliance matters, and IRAS queries throughout the year. This helps businesses minimise GST risks and ensures that transactions are treated correctly from the outset.
2. Why should a company engage a GST consultant on a retainer basis?
GST rules in Singapore can be complex, particularly for businesses involved in cross-border transactions, financial services, or mixed supplies.
Engaging a GST consultant on retainer allows companies to:
- Obtain quick answers to GST questions before transactions are executed
- Reduce the risk of errors in GST returns
- Receive support in responding to IRAS queries
- Ensure compliance with the Singapore GST Act and IRAS e-Tax Guides
This proactive approach often prevents costly GST mistakes.
GST rules in Singapore can be complex, particularly for businesses involved in cross-border transactions, financial services, or mixed supplies.
Engaging a GST consultant on retainer allows companies to:
- Obtain quick answers to GST questions before transactions are executed
- Reduce the risk of errors in GST returns
- Receive support in responding to IRAS queries
- Ensure compliance with the Singapore GST Act and IRAS e-Tax Guides
This proactive approach often prevents costly GST mistakes.
3. What services are typically included in a GST retainer?
A GST retainer service typically includes:
- Ad hoc GST advisory support
- Assistance with GST return preparation or review
- Guidance on IRAS e-Tax Guides and GST legislation
- Updates on GST regulatory changes
The scope can be tailored depending on the company’s business activities.
4. How is a GST retainer different from ad-hoc GST consulting?
Ad-hoc GST consulting is typically engaged for a specific issue or project, such as a GST health check or IRAS audit.
In contrast, a GST retainer provides ongoing access to GST expertise throughout the year, allowing businesses to seek advice whenever questions arise. This ensures GST issues are addressed early before they become compliance risks.
5. What types of companies benefit most from GST retainer services?
GST retainer services are particularly useful for companies that:
- Require regular GST advisory support but do not have an in-house GST specialist
These businesses often face recurring GST questions that require expert guidance.
6. How quickly can GST questions be answered under a retainer arrangement?
One of the main benefits of a GST retainer is faster response times.
Because the GST advisor is already familiar with the company’s business model and transactions, queries can typically be addressed quickly without needing to start from scratch each time.
This helps businesses make timely decisions and avoid delays in transactions.
7. Can a GST retainer help reduce the risk of IRAS audits?
While no advisor can guarantee that a company will not be audited, a GST retainer helps significantly reduce compliance risks.
With ongoing GST oversight, businesses are more likely to:
- Apply the correct GST treatment
- Maintain proper documentation
- Follow IRAS guidelines and e-Tax Guides
This can help minimise potential GST exposure during an IRAS audit.
8. What happens if IRAS raises queries on our GST returns?
If IRAS raises queries on GST filings, a GST advisor engaged on retainer can assist in:
- Reviewing the IRAS query
- Preparing technical explanations
- Supporting the company with relevant GST legislation and IRAS e-Tax Guides
- Drafting responses to IRAS
Having a GST specialist involved can make the process more efficient and reduce the stress on the finance team.
9. Is a GST retainer suitable for small and medium-sized businesses?
Yes. Many SMEs do not have a dedicated GST specialist in-house but still face complex GST questions.
A GST retainer provides SMEs with access to expert GST advice without the cost of hiring a full-time specialist.
This is especially useful for growing businesses that are expanding internationally or introducing new business models.
10. How do we get started with a GST retainer service?
Businesses interested in engaging a GST retainer service typically start with an initial discussion to understand:
- The nature of their business activities
- The volume and complexity of GST issues
- The level of support required
Based on this assessment, a customised retainer scope can be proposed to ensure the company receives the appropriate level of GST advisory support.
