With more goods and services crossing national borders than ever before, you may be facing indirect tax obligations in many countries – even those where your customer is located.
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 indirect tax 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.
The transaction-based nature of indirect taxes also means that you need to consider indirect taxes at an early stage to avoid unexpected liabilities and unnecessary costs from penalties imposed for incorrect GST/VAT reporting.
Grant Thornton can help with:
- identifying where transactions are liable to GST/VAT
- registration of local GST/VAT in countries where taxable transactions are undertaken
- tax-efficient planning for transactions
- preparation, review and submitting GST/VAT returns
In Singapore, we can also advise and help you with the following:
- 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
- Assisted Compliance Assurance Programme (ACAP) reviews (including Post-ACAP reviews and renewals)
- 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.
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 your usual Grant Thornton contact or contact our expert Jeremy O'Neill.
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 study 1: Major Exporter Scheme (“MES”) renewal for section 33(2) agent
Over SGD$40 million
-Renewal of Major Exporter Scheme (MES) status
-Stringent project timeline
Grant Thornton services:
Assist the client with the process of renewing its MES status, including conducting and accrediting the required ASK deliverables submitted to the IRAS.
Case study 2: Distribution of goods into Singapore - Supply chain optimisation
Manufacturing and distribution of industrial products
Global turnover in excess of SGD$340 million
-Issue importing goods into Singapore for onward sale
-Supply-chain tax optimisation
Grant Thornton services:
Design viable solutions through which the client could distribute and import goods into Singapore for onward sale, in a tax efficient manner.
Facilitate discussions and negotiations between the client and its Singapore based customer