- The Major Exporter Scheme (MES) helps Singapore businesses that import and export heavily by easing GST cash flow.
- Approved MES businesses can suspend GST at import, paying 0% upfront GST on qualifying non-dutiable imports and goods from Zero-GST warehouses.
- To qualify, a business must be GST-registered, compliant with IRAS and Customs, keep strong records, and have zero-rated supplies above 50% of total supplies or over S$10 million in the last 12 months.
- Applicants must complete an ASK self-review certified by an accredited tax professional before approval or renewal.
- MES approval usually lasts 3 years initially, up to 5 years on renewal, and businesses may appoint up to 20 declaring agents.
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.
Latest Posts in "Singapore"
- Singapore IRAS Updates GST Guidelines for Exporters and Property Owners
- IRAS Updates GST Rules for Property Owners and Holding Companies
- Updated guidance clarifies Major Exporter Scheme rules
- IRAS Updates GST Major Exporter Scheme Guide for Singapore Businesses
- Singapore IRAS Updates GST Rules for Property Sales and Rentals
