Getting Ready for ASK Review (GST)
Despite having a simple concept, Goods and Services Tax (GST) is not a tax that is simple to comply with. Our Assisted Self-help Kit (ASK) Annual Reviews conducted in accordance with the guidelines issued by the Inland Revenue Authority of Singapore has consistently revealed errors in almost every case we undertook. Some compliance errors are more common than others and these are encountered in almost every client we have reviewed. Where the errors involve GST – i.e. there are errors in the amount of GST paid to or refunded by IRAS, quantification of the errors for the past 5 years needs to be undertaken and reported to IRAS.
Common errors encountered in ASK Reviews
So what are some of those common errors seen in our ASK Reviews for GST returns? Some of the common GST errors encountered were:
- Wrongly treating supplies as zero-rated when they should be standard-rated
- Insufficient documents maintained to support zero-rating of supplies
- GST was not charged on sale of scraps or by-products
- GST was not charged on disposal of fixed assets including motor vehicles
- Realised exchange gains or losses were not reported as exempt supplies
We can help you
K E Wee & Associates PAC and its affiliates provide a full range of services to assist companies in meeting their business and compliance requirements. Contact us today for how we can assist you in meeting the requirements.