- 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.