- IRAS has updated the GST ACAP and ACAP renewal e-Tax Guides.
- ACAP Premium validity is now 6 years, and ACAP Merit validity is 4 years.
- To qualify for renewal, businesses need an acceptable GST control framework, unqualified audit opinion, required SRC scores, and good tax compliance with no ongoing IRAS investigations/audits.
- IRAS invites renewals 15 months before expiry; businesses must file Form GST F29 within 3 months and finish renewal within 3 months after expiry, with a shorter 3-month test period for renewals.
- Benefits include fewer audits, faster GST refunds, quicker rulings, auto-renewal of eligible GST schemes, and possible penalty relief for voluntary disclosure of non-fraudulent GST errors.
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.
