Goods and Services Tax (GST)
GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. Complying with the GST rules and requirements still remains challenging to most businesses. With step-up audits by the Inland Revenue Authority of Singapore (IRAS) and the increase in GST rate in the upcoming years, more focus should be placed on your GST compliance.
As a business, you must register for GST when your taxable turnover exceeds S$1million. If your business does not exceed S$1 million in taxable turnover, you may still choose to voluntarily register for GST after careful consideration.
We can provide practical and timely advice to support you in your day-to-day GST tasks and take a pro- active approach in managing your GST risks.
We provide Goods and Services Tax (GST) services include the following but not limited to:
• Application for GST registration or de-registration
• Bookkeeping or Advising on GST treatment of day-to-day business transactions
• Advise on GST implications of new business models or cross-border transactions
• Reviewing and E-filing GST returns (Form 5)
• Conducting GST Health check and customised GST training
• Review and advice on internal controls for GST reporting
• Making voluntary disclosures of errors to the IRAS to mitigate penalty exposure
• Managing and responding to IRAS queries, audit and investigations
Contact us for more details.