Singapore Tax Agency Updates e-Tax Guides on GST Assistance Compliance Assurance Program

The Singaporean Inland Revenue Authority Jan. 30 updated the e-Tax Guide on GST compliance obligations and renewal requirements under the assisted compliance assurance program (ACAP), for GST-registered businesses. Topics covered include: 1) the GST control framework requiring controls across entity, transaction, and reporting; 2) the requirements for ACAP renewal, including audited financial statements, compliance history, no ongoing GST audits, and minimum self-review checklist scores; 3) a 12-month ACAP renewal review and ACAP report submission within three months of expiration; 4) the compliance benefits including reduced IRAS interventions, faster refunds, expedited rulings, and automatic renewal of eligible schemes; 5) penalty concessions ...