- The Singaporean Inland Revenue Authority updated the e-Tax Guide on GST compliance and ACAP renewal for GST-registered businesses.
- Updates include requirements for GST control frameworks, ACAP renewal criteria, and submission timelines.
- Compliance benefits include reduced IRAS interventions, faster refunds, expedited rulings, and automatic renewal of eligible schemes.
- Penalty concessions allow waivers of late payment penalties for voluntary disclosure of non-fraudulent GST errors.
- New post-renewal requirements include mandatory reviews and a new declaration form effective February 1.
Source: news.bloombergtax.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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