Singapore Tax Authority Updates Guidance for Claiming GST on Expenses for Qualifying Funds

The Singaporean Inland Revenue Authority Aug. 15 updated guidance on conditions for claiming GST on expenses for qualifying funds under the enhanced administrative concession. The updated guidance clarifies: 1) a GST remission is allowed until Dec. 31, 2024, to allow financial funds that meet qualifying conditions to claim the GST incurred on services from GST-registered businesses; 2) funds can claim the GST incurred in their first year of the grant of income tax concession, if they meet the conditions for that specific concession at the end of the first year; and 3) if a fund can’t meet the minimum spending ...