Singapore Tax Agency Issues Guidance on Changing GST Accounting Periods for Registered Businesses

The Singaporean Inland Revenue Authority June 2 issued guidance on changing GST accounting periods for registered businesses, including filing frequency and special period requests. The guidance includes that: 1) businesses are generally assigned quarterly GST accounting periods based on their financial year-end; 2) businesses may request a change in filing frequency, such as quarterly to monthly, by submitting a request via myTax Mail, subject to the Inland Revenue Authority’s approval; 3) GST accounting periods don’t automatically update when a company’s financial year-end changes, but require a formal request; 4) monthly accounting periods, if approved, apply on a calendar-month basis; and ...