5 April 2012

Businesses to take note that the funding allocated under Phase 1 of the Application for Assisted Compliance Assurance Programme (ACAP) has been fully taken up on 2 April 2012. IRAS has informed through its website that the application for co-funding is closed.

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.