- IRAS conducted over 2,800 GST audits in FY 2024-25, recovering SGD 205 million.
- The audits revealed multiple instances of non-compliance.
- IRAS uses a risk-based approach to select businesses for GST audits.
- Businesses lacking proper GST oversight are at higher risk of errors and penalties.
- Good GST compliance involves knowledgeable personnel, effective records management, strong internal controls, and regular reviews.
- IRAS shares audit cases to help businesses avoid common GST errors.
- Voluntary disclosures to IRAS can result in no or lower penalties.
- Individuals can report suspected malpractices and may receive a reward of 15% of recovered tax, up to SGD 100,000.
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.
Latest Posts in "Singapore"
- GST Updates: Free Parking Exceptions and Overseas Vendor Registration Input Tax Claims
- Singapore GST Registration Rules: Two-Month Grace Period for Prospective Basis from July 2025
- GST Gross Margin Scheme Approval Requirement Removed from July 2025
- GST InvoiceNow Requirement: Mandatory Implementation Timeline for Voluntary GST Registrants
- Briefing document: Singapore GST InvoiceNow business guide
