Indirect Tax

Goods and Services Tax

Goods and Services Tax (“GST”)is a tax on domestic consumption. All goods and services are taxable except those which have been specifically exempted by the Act. The main exempt items are financial services and the sale or lease of residential properties.

If you or your business entities make taxable supplies of goods and/or services in Singapore with an annual turnover exceeding or likely to exceed S$1 million, you or the business entities concerned which have an annual turnover of exceeding S$1 million are strictly required to register with the Comptroller of GST. Therefore, it is important that the employees of the business entities concerned are aware of and comply with the Goods and Services Tax (GST) registration and filing requirements.

As GST is a transaction-based tax, businesses can expect GST implications for each transaction they make regardless of the profits or losses. It is, therefore, of utmost important to keeping abreast with the GST regulatory requirements and changes, and compliance with the GST reporting and filing requirements. Failure to file the GST returns on a timely manner and/or account the GST liabilities correctly to the IRAS can have a significant impact on the business costs and cash flows, besides causing legal and reputation risks to the business entities.

We have the professional expertise and technical knowledge to help our clients minimize compliance risks and reduce compliance costs. Our tax professionals are also dedicated to providing value-added services and to advise you on the GST regulatory requirements 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 cash flow or represent you in your in voluntary disclosure of errors made to the IRAS.

Our GST services include:

Compliance services

Application for registration and de-registration
Preparing and submitting the GST monthly or quarterly returns
Verifying the assessments issued by IRAS
Lodging objections and submission of appeals
Attending to queries and resolving complex GST issues with the IRAS Compliance services

Advisory services

Performing GST due diligence review on potential acquisition targets to quantify potential tax exposure, non-compliance and tax issues

Identifying GST implications on the proposed business contracts, transactions or arrangements

Providing GST consultation on proposed business transactions, mergers and acquisitions and restructuring schemes, including interpretation of GST legislation

Performing GST compliance review and health check

Applying for exemption from GST registration for qualifying business entities

Applying for GST incentive schemes (e.g. Major Exporter Scheme, group registration)

Applying for advance rulings for proposed business arrangements

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