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Goods and Services Tax (GST)

A basic guide to GST F5 Form Submission to IRAS

By |2019-11-07T13:41:07+08:00November 5th, 2019|Goods and Services Tax (GST)|

By legislation, GST registered companies are required to accomplish and report their GST claims to the Inland Revenue Authority of Singapore (IRAS) through the standardised GST F5 Form. Goods and Services Tax or GST is a broad-based consumption tax charged in addition to the price of imported goods, as well [...]

Conditions for becoming a GST Registered Company in Singapore

By |2019-11-07T13:40:46+08:00November 4th, 2019|Goods and Services Tax (GST)|

By Singaporean legislation, the Inland Revenue Authority of Singapore (IRAS) is tasked with the administration of taxes for individuals and companies in the city-state. When filing annual income tax returns, a GST registered company may claim back GST incurred on business expenses and quarterly GST returns are submitted to IRAS.  [...]

What is ASK and How Do Businesses in Singapore Benefit from It?

By |2019-10-29T11:10:02+08:00October 25th, 2019|General, Goods and Services Tax (GST)|

ASK stands for Assisted Self-Help Kit and it is a program developed by the Inland Revenue Authority of Singapore (IRAS) to help businesses in assessing the accuracy of their Goods and Services Tax (GST) filings. ASK may be implemented by businesses in Singapore voluntarily, or the IRAS may also invite [...]

GST Rate Increase Singapore: Tax Facts

By |2019-10-25T11:58:05+08:00October 24th, 2019|Goods and Services Tax (GST)|

Late last year, the Singapore government announced plans to raise GST by 2 percentage points. In the Singapore Budget 2018, the next proposed GST increase will happen between 2021 and 2025, from the current rate of 7% to 9%. In the recent Singapore Budget 2019 delivered by Finance Minister, Mr [...]

Exempt supplies under Singapore GST legislation: Tax Facts

By |2019-10-25T11:57:49+08:00October 24th, 2019|Goods and Services Tax (GST)|

As per the rules and guidelines set by the Inland Revenue Authority of Singapore (IRAS), GST may be charged on sales of locally-made goods and services rendered excluding exported goods, international services and exempt supplies. GST registered companies may claim back GST incurred on business expenses and quarterly GST returns [...]

GST – Transfer of Business as Going Concern

By |2019-08-20T23:38:38+08:00November 1st, 2018|Goods and Services Tax (GST)|

In accordance with the GST Act, any supply of goods or services made by a taxable person in the course or furtherance of his business is chargeable to GST. Where a taxable person transfers or disposes of his business assets, whether or not for a consideration, is making a supply [...]

Best practices for engaging tax agents

By |2019-08-20T23:38:38+08:00October 25th, 2018|Corporate Income Tax, Goods and Services Tax (GST)|

Last Updated: 24 Feb 2019 Tax compliance is part and parcel of every business in almost all countries. Without proper tax compliance, businesses will run into trouble with tax authorities. Fines, penalties, freezing bank accounts, summons, court’s attendances, imprisonment, not allowing errant taxpayers leaving the country are some of the [...]