13 May 2013

Businesses to take note that the funding allocated under Phase 2 of the Application for Assisted Compliance Assurance Programme (ACAP) has been fully taken up on 30 April 2013. 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.

More information on ACAP co-funding can be found on the IRAS website.

Source: Inland Revenue Authority of Singapore (IRAS)