Singapore

Indirect Tax 

The challenge of keeping up with Goods and Services Tax (GST) and customs regulatory requirements is probably not altogether unfamiliar to you as a business owner.

You know too that mitigating the risk of non-compliance will save you from penalties and composition costs, and that applying for relief schemes could mean cost savings as your business cash flow improves.

In practice, however, the considerations can vary widely, especially when your business interests grow or when mistakes are made.

Getting started with GST


Getting Started with GST
Matters to consider How can KPMG help?
  • Need to register for GST
  • How to register for GST
  • Option not to register for GST
  • Possibility to claim GST on expenses incurred prior to GST registration
  • Applicable GST schemes to my business
  • Advice on Global GST Regime
  • Application for GST registration
  • Application for exemption from GST registration
  • Pre-registration input tax claims
  • Analysis on pros and cons of various schemes that are relevant to your business (e.g. MES)
  • Application for relevant schemes
  • Malaysia Goods and Services Tax Toolkit (PDF, 246KB)
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Compliance


Compliance image
Matters to consider How can KPMG help?
  • IRAS audit
  • Errors made in submitted GST returns
  • Penalties imposed by IRAS
  • Protracted GST dispute with IRAS
  • Tips on GST compliance
  • Possible to avoid common mistakes
  • Voluminous transactions to review for GST compliance
  • Handling IRAS queries
  • Assistance in disclosure of errors
  • Filing GST F7 errors
  • Attending meeting with IRAS
  • Appeal on waiver of penalties
  • Preparation / pre-submission review of GST F5 returns
  • Performing GST "health checks"
  • Conducting customised in-house GST training
  • Developing customised GST procedural manual
  • KPMG's data analytical tool ("KDAT") scans source data to identify potential risks and errors.
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Cessation of business


Cessation Of Business
Matters to consider How can KPMG help?
  • Need to de-register for GST
  • Points to be aware of when de-registering from GST
  • Need to repay input GST to IRAS for existing assets acquired during GST registration
  • Possible to have seamless GST de-registration process
  • Need to charge GST on business transferred as a going concern
  • Advice on implication arising from GST de-registration and business transfer
  • Application for cancellation of GST registration
  • Filing of GST F8 (last return)
  • Planning for efficient GST de-registration process
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Planning for efficiency


Planning image
Matters to consider How can KPMG help?
  • Improving cash-flow
  • Ways to maximise inter-company sales
  • Reducing GST compliance cost
  • Initiatives to improve internal control and processes to secure on-going GST compliance
  • Considerations in embarking on a merger and acquisition
  • Recovery of European VAT incurred on certain types of business expense
  • Applications for various schemes such as
    • Major Exporter Scheme
    • Zero GST (ZG)
    • Approved Contract Manufacturer and Trader (ACMT) Scheme
    • Import GST Deferment Scheme (IGDS)
  • Application for GST Group registration
  • Review and evaluation of existing indirect tax accounting procedures and processes
  • Assistance in undertaking:
    • Assisted Compliance Assurance Programme (ACAP)
    • Assisted Self-help Kits (ASK)
  • Due diligence review
  • Advice on salient points on merger and acquisition
  • Assessing the possibility of claims and advising on claiming European VAT
    - Read more on European VAT Recovery (PDF, 237KB)
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Contact us

Contact us
Lam Kok Shang
Head of Indirect Tax

Gan Hwee Leng

Gan Hwee Leng

Partner, Indirect Tax

+65 6213 3388

tax@kpmg.com.sg


Tier 1 Firm in 2014 for Tax Advisory, Transfer Pricing and Transactional Tax – International Tax Review

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