A basic guide to GST F5 Form Submission to IRAS
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 as a wide-ranging category of…
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Tax Dept
Conditions for becoming a GST Registered Company in Singapore
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 GST? Goods and…
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Tax Dept
What is ASK and How Do Businesses in Singapore Benefit from It?
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 the business to implement ASK,…
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Tax Dept
What is an Internal Audit and How Can it Benefit a Company?
An internal audit is a procedure that involves a systematic evaluation of a company’s accounting and reporting processes, along with its corporate governance and internal controls. This type of audit seeks to determine if there are any flaws or weaknesses that could affect the accuracy of a company’s financial reports, to correct them before an…
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Dev Team
GST Rate Increase Singapore: Tax Facts
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 Heng Swee Keat, a similar…
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