The ASK Review is a self-assessment compliance tool designed and developed by the IRAS to enable a business to review the accuracy of its GST submissions and identify and correct past GST errors on a timely basis. It also allows the business to identify the issues and errors in its GST reporting for a timely disclosure to the IRAS to mitigate the penalties that are usually applicable to any incorrect GST reporting.
Performing an ASK Review is mandatory for businesses who are applying for, or renewing, one of the IRAS approved GST Schemes. These include the Approved Contract Manufacturing and Trader (ACMT), Approved Marine Customer Scheme (AMCS), Approved Refiner and Consolidator Scheme (ARCS), Approved Third Party Logistic (3PL) Company Scheme, Major Exporter Scheme (MES), and Import-GST Deferment Scheme (IDGS).
With this in mind, are you confident that your GST returns are accurate? Are you doing enough to safeguard against and mitigate errors? If you identify errors, do you understand how to disclose these to IRAS whilst mitigating penalties? If you cannot positively answer these questions, the ASK Review may be the solution for you.
