- IRAS released guidance on GST compliance audits and non-compliance consequences on 13 May 2025
- GST is self-assessed; regular audits encourage voluntary compliance
- Key compliance risks identified; risk-based approach for higher risk industries
- Missing Trader Fraud is a major compliance risk; serious threat to public revenue
- Extensive audits and investigations on businesses and individuals involved in fraud
- Consequences for involvement in Missing Trader Fraud include audits, withheld refunds, denied input tax claims, penalties, surcharges, imprisonment, and fines
- Businesses advised to conduct due diligence and scrutinize purchases to avoid fraud involvement
- IRAS focuses on auditing businesses with low-value GST refund claims to ensure compliance
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.
