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.
