With more goods and services crossing national borders than ever before, you may be facing indirect tax (GST/VAT) obligations in many countries – even those where your customer is located.
The global shift to indirect taxes and tax rates on the rise would also mean that the costs of compliance will increase if your indirect tax obligations are not properly managed and controlled.
Grant Thornton’s GST team take a rigorous approach to helping you meet these obligations, whatever challenges you may face along the way. Using our finely tuned local knowledge and experience, supported by global expertise from member firms, we help you understand and comply with often complex and time-consuming regulations. Our services include:
Cross Border and Singapore GST issues
- Cross-border GST matters
- Identifying where transactions are liable to GSTT
- registration of local GST in countries where taxable transactions are undertaken
- Tax-efficient planning for transactions
- preparation, review and submitting GST returns
- Singapore GST matters
- GST advisory on domestic and cross-border transactions (includes structuring projects/ supply chain analysis/ liability and special relief scheme applications, in-house training)
- Assisted Self-Help Kit (ASK) reviews
- Process and system reviews, ranging from tax code determination to automation and process improvements.
- Dispute negotiation and resolution matters with the IRAS
- GST return services.
Assisted Compliance Assurance Programme (‘ACAP’) related assistance
In line with the growing focus of tax authorities on tax governance and risk management, the Assisted Compliance Assurance Programme (ACAP) was introduced by the IRAS to encourage businesses to set up a robust GST control framework to ensure the proper accounting of GST on business transactions.
The aims of the ACAP can be broken down into the following distinct areas:
- Facilitate GST- registered business to set up a robust GST control framework
- Encourage businesses to Undertake a holistic review of its system processes and capabilities
- Identify, assess and mitigate GST risks
- Ensure correct GST reporting on an ongoing basis
Upon completion of the ACAP review by an independent ACAP reviewer of the organisation’s Entity Level controls, Transaction Level controls and GST Reporting Level controls, the IRAS will accord the business an ACAP status.
The status granted is dependent on the level and robustness of the internal controls reviewed and comprise “ACAP Premium” (lasts for 5 years) or “ACAP Merit” (lasts for 3 years) status. The status also represents a step-down of IRAS GST audits on the business.
Penalty waiver for early participation in ACAP
- Full waiver of penalties identified during the ACAP review over previous 5 years’ errors, if application to participate in the ACAP is made before 31 March 2024.
Other benefits for participation in ACAP
- Step-down of IRAS GST audits unless significant anomalies noted in GST returns
- Demonstrates commitment towards good tax governance and compliance
- Provides Senior Management a ‘snap-shot’ view of the company’s business processes and control frameworks and existing gaps / areas of improvement
- Expeditious GST refunds
- Dedicated team from IRAS for assistance on any GST matters
- Auto-renewal of any GST schemes
- Possibility to identify and recover GST overpaid/underclaimed to/from IRAS over the previous 5 years
Grant Thornton is an IRAS-approved ACAP reviewer with a dedicated team of accredited GST specialists ready to advise and support you on the ACAP. Over the years, we have advised and assisted numerous clients, across a spectrum of industries, obtain “ACAP Premium” status, which is the highest ACAP accreditation possible.
One of the key service differentials at Grant Thornton is that we listen to you and will work with you and your teams in a proactive way, with the primary aim to achieve the best outcome for you.
The key areas we can assist you are:
- Determine whether your business is eligible and ready for the ACAP
- Help prepare you for the ACAP review
- Conduct the ACAP review as an independent and accredited reviewer
- Advise you on design and implementation of new internal controls and or processes to close the gaps that may exist in your current business processes that are subject to the ACAP review.
- Be your advisor and contact with the IRAS on seeking clarification of uncertain matters that are identified in the course of the ACAP review.
If you have any questions or would like to find out more on how we can advise and support your business, please reach out to Jeremy O’Neil
International indirect tax guide
If you would like more detailed information on indirect tax for your region, our international indirect tax guide provides an overview of indirect tax systems in key countries and how you can get further support from Grant Thornton.
Case studies
1) Major Exporter Scheme (“MES”) renewal for section 33(2) agent
2) Distribution of goods into Singapore - Supply chain optimisation
