5 March 2012
Businesses are to be reminded that the Application for Assisted Compliance Assurance Programme (ACAP) co-funding under Phase 1 will open on Monday 2 Apr 2012.
The completed form GST F23 – Notification of Participation of GST Assisted Compliance Assurance Programme (ACAP) is to be hand-delivered to the ACAP team at Revenue House, 21st storey between 8.30 am and 4.30 pm.
GST-registered businesses with ACAP status within a five-year period ie from 5 April 2011 to 4 April 2016 will be entitled to a 50% co-funding of qualifying ACAP fees capped at $50,000 and a one-time waiver of penalties for voluntary disclosures of past GST errors. Other benefits include three to five years of exemption from GST audits, faster GST refunds, speedier resolution of GST issues and automatic renewal of GST schemes.
An update will be given on the IRAS website when:
- the available funding for each phase reaches $1.5 million (for phase1) and $500,000 (for all phases) respectively, and
- the funding for each phase is fully taken up.
To read more about the ACAP funding, please click here.
Source: Inland Revenue Authority of Singapore (IRAS)