27 January 2014
On 24 January 2014, the Inland Revenue Authority of Singapore (IRAS) issued the fourth edition of the e-Tax Guide “GST: Assisted Compliance Assurance Programme (ACAP)”. The third edition was published on 30 August 2013.
The fourth edition includes revisions to paragraphs 8.2 and 10.3, and insertion of a new paragraph 1.7. The new paragraph 1.7 states that the 50% co-funding of the explicit fees incurred by businesses for the purpose of ACAP Review will cease when the funding set aside by IRAS is used up within the initial 5-year period. However, IRAS will extend the waiver of penalties for voluntary disclosures of past non-fraudulent GST errors for another 3 years. Businesses that apply for ACAP participation from 5 April 2016 to 31 March 2019 will continue to enjoy the penalty waiver upon accord of ACAP status.
The e-Tax Guide is available on the IRAS website.
Source: Inland Revenue Authority of Singapore