31 December 2015
On 18 December 2015, the Inland Revenue Authority of Singapore (IRAS) issued the fourth edition of the e-Tax Guide, “GST: Major Exporter Scheme”.
The Major Exporter Scheme (MES) is a scheme whereby the payment of GST is suspended at the point of importation of goods. MES traders will be allowed to import non-dutiable goods without paying GST to Singapore Customs (‘SC’). Regulation 45 of the Goods and Services Tax (General) Regulations provides for the suspension of payment by GST-registered persons who qualify for the MES of GST on importation of non-dutiable goods.
GST-registered businesses applying for MES or whose MES status is due for renewal will have to submit the Assisted Self-Help Kit (ASK) declaration form, “ASK: Declaration Form on Completing Annual Review & Voluntary Disclosure of Errors” (Section 3 of ASK) certified by either their own in-house or external tax professionals who are Accredited Tax Practitioners (GST) or Accredited Tax Advisors (GST).
Businesses participating in the GST Assisted Compliance Assurance Programme (ACAP), holding a valid ACAP status will not be required to submit ASK declaration form if:
- the Post ACAP Review (PAR) is performed; and
- the “PAR Declaration” form (GST F28) is submitted.
Successful ACAP applicants also are not required to submit the ASK declaration form pending the result of ACAP review and submission of ACAP Report. If they subsequently withdraw from participating in ACAP, businesses are then required to perform and submit the ASK declaration form within three months. Should they fail to obtain an ACAP status, there may be a requirement for submission of the ASK declaration form on a case-by-case basis.
In the fourth edition, paragraphs 2.3 and 6.3 have been revised to reflect the streamlined procedure for submission of the ASK declaration form for businesses with ACAP status as outlined above.
The e-Tax Guide is available on the IRAS website.
The third edition was published on 18 September 2015.
For further details, please refer to the IRAS’s website.
Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website. Visit http://www.iras.gov.sg for more information.