Goods and Services Tax

An important corporate legal and reputation risk that small and medium enterprises must content with is ensuring they and their employees are aware of and comply with the Goods and Services Tax (GST) filing requirements. Keeping abreast with the GST regulation changes, and compliance with the GST reporting and filing requirements can be a constant challenge for most small and medium enterprises which are registered for GST. Failure to file their GST returns on a timely manner and/or account their GST liabilities correctly to the IRAS can have a significant impact on the business costs and cash flows.

We have the professional expertise to advise you on the GST regulation and compliance matters as well as on the proposed business transactions or arrangements and internal control to facilitate compliance with the GST legislation, and on areas for improvements. Where appropriate, we will recommend and assist you in applying for suitable GST relief schemes to improve your business cashflow or in making voluntary disclosure of errors made to the IRAS, at a reasonable fee. Our GST services include:

Compliance services

  • Reviewing or preparing and submitting the GST returns
  • Attending to investigations and queries raised by IRAS
  • Application for registration and de-registration

Advisory services

  • GST due diligence review on potential acquisition targets
  • GST consultation on proposed business transactions, including interpretation of GST legislation
  • GST relief schemes available and application procedures, etc
  • GST compliance review and health check
  • Application for exemption from GST registration
  • Application for GST incentive schemes (e.g. Major Exporter Scheme, group registration)
  • Application for advance rulings for proposed business arrangements

For further information about our services, please contact us.