There have been substantial changes in the economic climate since COVID-19, including the decline in GST revenues against Government budgets. It is likely that we will see increased focus and scrutiny placed on businesses’ tax compliance, and enforcement action from the Inland Revenue Authority of Singapore (IRAS).

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 package may be the solution for you.

Benefits of an ASK Review include

  • Clear understanding of GST requirements on filing and record keeping
  • Management is provided with comfort on the accuracy of past GST submissions and mitigate risk of future errors
  • Errors are discovered early for timely disclosure to IRAS which enjoy zero penalties under the IRAS’s Voluntary Disclosure Programme
  • Administrative concessions apply for common errors disclosed through the ASK Review
  • Automatic renewal of GST scheme status (where applicable) is available

About the ASK Review

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 early. It also allows the business to learn from its mistakes in a penalty-free environment (subject to time cap) and get closer to the target of perfection going forward.

Conducting an ASK Review is mandatory for businesses who are applying for, or renewing, one of the IRAS approved GST Schemes. These are 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”).

The ASK Review is broken down into three distinct sections as set out below.

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Section One – GST Practices:

This first section is focused on helping businesses put in place internal processes covering people, record-keeping, system and internal controls to ensure overall GST compliance.

It involves the completion of a pre-configured questionnaire to assess how the business’s current control environment compares to IRAS’s expectations and best industry practices.

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Section Two – Pre-Filing Checklist:

This section involves completing the Pre-Filing Checklist (a series of “Yes” or “No” questions) which is designed to help a business perform quality checks prior to the submission of the GST return.

The aim of the Pre-Filing Checklist is to verify whether all the relevant transactions have been captured, the correct GST treatment applied, and to help avoid the most common GST reporting errors.

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Section Three – ASK Annual Review:

The ASK Annual Review is the main section of the ASK Review package. It involves conducting a post-submission review of the previous four GST submissions for early detection of errors and is a highly recommended compliance control for all GST-registered businesses.

The Annual Review has a pre-determined methodology designed and developed by the IRAS, which entails prescribed checks and an element of substantive testing.

How we can help

Our experience has shown that investing time at the outset of our engagements to understand our clients and their specific circumstances, reduces the overall timescales and costs involved for both parties.

Our GST specialists are accredited with the SCTP (formerly known as SIATP) and will work with you and your teams in a collaborative way, to ensure that the ASK Review is completed, signed-off and submitted to the IRAS to ensure you enjoy all the benefits of the ASK Review.