Goods and services tax
We specialize in Singapore and international Goods and Services Tax (GST) advisory and compliance.
In an effort to facilitate and raise voluntary compliance among GST-registered businesses, the Inland Revenue Authority of Singapore (IRAS) introduced ACAP to encourage companies to proactively self-manage their GST risks as part of their corporate governance framework.
IRAS will accord an ACAP status i.e., ‘ACAP Premium’ for 5 years or ‘ACAP Merit’ for 3 years if the GST registered business demonstrates sufficient preventive and detective GST controls with monitoring mechanisms at the Entity, Transaction and GST Reporting levels. The status grants the following benefits:
ACAP is a 4-step prescriptive process required to be conducted by independent ACAP reviewers accredited by the Singapore Chartered Tax Professionals Limited (SCTP) as Accredited Tax Advisors (GST) (ATA (GST)] using a methodology prescribed and recognised by IRAS.
ASK helps especially newly-GST registered businesses to self-assess their GST submissions and to discover past GST errors early. ASK focuses on three key aspects:
ASK is compulsory when a GST registered business is applying for the following GST schemes:
ASK reviews are to be performed by an individual accredited by SCTP as ATA (GST) or Accredited Tax Practitioner (GST) (ATP (GST)).
Mazars has the relevant experience in conducting ACAP and ASK reviews in assisting our clients and we have ATA (GST) to conduct these reviews. Please speak to us for a non-obligatory consultation to see how we can assist you.
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