1 March 2013

GST-registered businesses with Assisted Compliance Assurance Programme (ACAP) status are reminded that the application for ACAP co-funding under Phase 2 will open on 1 April 2013 and close on 30 April 2013 (before 4.30 pm). The funding allocated for Phase 2 is $1 million.

Successful applicants 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.

To apply for co-funding under Phase 2, the completed form GST F23 – Notification of Participation of GST Assisted Compliance Assurance Programme (ACAP) is to be hand-delivered to the ACAP team at Revenue House, 21st storey between 8.30 am and 4.30 pm.

If the total co-funding amount applied for exceeds $1 million by 30 April 2013, the IRAS will allocate the funding to the most suitable applicants based on size. Priority will be given to applicants who are:
(i) under GST group registration for at least 3 years, or
(ii) have annual supplies of more than $1 billion.

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

Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website. Visit http://www.iras.gov.sg for more information.