The Inland Revenue Authority of Singapore (IRAS) has updated its website on claiming Goods and Services Tax (GST) on expenses for qualifying funds, to include a simplified statement of claims form that they will be required to submit via myTax Mail in order to process their claims, with effect from 1 July 2018.
According to IRAS, with the new simplified statement of claims form, qualifying funds will only be required to complete a 3-line statement of the GST claims. Previously, they were required to provide a detailed categorization of them.
Supporting documents are not required to be filed unless requested by IRAS.
What are the Documents Required for First Time Submission?
From 1 July 2018, qualifying funds submitting their Statement of Claims for the first time are required by IRAS to provide the following documents together with their Statement of Claims:
- Approval letter from MAS (except those funds under 13C, 13G, 13CA and DUT)
- MAS annual declaration / self-assessed declaration form (if any)
- Appendix 1 of the simplified Statement of Claims
Simplified Statement of Claims Form (IRAS)
For further details, please refer to IRAS’ website.
Source: Inland Revenue Authority of Singapore