- Global site
- Africa
- Americas
- Asia Pacific
- Europe
- Middle East
What is the GST ACAP?
In line with the growing focus of tax authorities on tax governance and risk management, the Goods and Services Tax (GST) 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 summarised as follows:
- Facilitate GST-registered business to set up a robust GST risk management and control framework at organisational level
- Encourage a holistic review of the business’s system processes and capabilities in handing GST compliance
- Identify, assess and mitigate on-going GST risks
- Ensure timely identification of GST issues to ensure correct GST reporting.
Upon completion of the GST ACAP review by an accredited ACAP reviewer such as Grant Thornton, of the organisation’s Entity Level controls, Transaction Level controls and GST Reporting Level controls, the IRAS will accord the business an ACAP status which will reduce the exposure to GST audits by the IRAS.
The status granted is dependent on the level and robustness of the internal controls reviewed and comprise “ACAP Premium” (valid for 5 years) or “ACAP Merit” (valid for 3 years) status.
Benefits of the GST ACAP
Why Grant Thornton?
Grant Thornton is an IRAS-approved ACAP reviewer with a dedicated team of accredited GST specialists ready to listen, advise and support you at every step of the ACAP process.
Over the years, we have advised and assisted numerous clients, across a spectrum of industries. To date, all our clients have been granted “ACAP Premium” status, which is the highest ACAP accreditation possible.
Our teams take a holistic approach to ACAP engagements which looks beyond GST. This approach enables us to identify other business risks and opportunities to achieve the best outcome for you.
