- IRAS has updated its guidance on changing GST accounting periods in Singapore, mainly to improve clarity and add submission instructions.
- Businesses must request changes through the myTax Portal; changes are not automatic and require IRAS approval.
- Standard accounting periods depend on filing frequency and financial year-end, while special accounting periods are for non-calendar-month financial periods.
- Requests must state the preferred filing frequency or special periods and the business reason; special period requests need supporting documents for one full year.
- The request must be filed at least 30 days before the first intended changed period, or GST returns must continue under the existing schedule until approved.
Source: regfollower.com
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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