- IRAS published the GST audit report for 2024-2025 covering various industries
- Over 2800 audits conducted recovering SGD 205 million including penalties
- Businesses of all sizes are at risk of GST errors without proper oversight
- Good compliance requires knowledgeable staff, effective record-keeping, and regular reviews
- Voluntary disclosure of GST breaches can reduce penalties
- IRAS offers rewards for reporting GST malpractice, up to 15 percent of recovered tax
- Highlighted cases include penalties for not displaying GST-inclusive prices and involvement in fraud
- Report emphasizes the importance of understanding GST legislation and seeking professional help for compliance
Source: vatabout.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.
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