- ACAP is a voluntary IRAS GST compliance programme that helps businesses build strong tax governance and risk controls across Entity, Transaction, and GST Reporting levels.
- Benefits include better GST reporting, lower non-compliance risk, reduced admin costs, fewer audits, faster refunds/rulings, auto-renewal of some GST schemes, and a one-time penalty waiver for certain voluntary disclosures.
- IRAS grants either ACAP Premium (5 years) or ACAP Merit (3 years) based on an independent review of internal controls.
- Renewal can extend validity to 6 years for Premium or 4 years for Merit, with less review testing than the initial application.
- Eligibility requires a sound GST control framework, unqualified financial audit opinions, good tax compliance records, and assessment by an approved independent ACAP Reviewer.
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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