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Understanding IRAS GST Audits: Common Errors, Compliance Tips, and Recent Case Studies

  • The webpage provides information on IRAS audit and enforcement efforts and recent audit cases.
  • It highlights common GST errors and compliance issues businesses should avoid.
  • IRAS conducts regular GST audits using a risk-based approach.
  • In FY2024/2025, over 2800 GST audits were completed, recovering $205 million including penalties.
  • Businesses are at higher risk of GST errors if they lack proper compliance oversight.
  • Strong GST governance helps businesses avoid costly mistakes.
  • Key elements of good GST compliance include knowledgeable personnel, effective records management, robust internal controls, and regular reviews.
  • IRAS shares audit cases to help businesses avoid common GST errors and encourage voluntary disclosures.
  • Voluntary disclosures incur no penalty or lower penalties than errors found by IRAS.
  • Individuals can report suspected malpractices and may receive a reward if it leads to tax recovery.

Source: iras.gov.sg

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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