GST advisory and compliance support
Our GST team is well versed in the latest GST rules and practices to assist you with your GST matters
Our service covers the following stage(s) of your business lifecycle:
Ideate
Launch
Run
Exit
GST affects virtually all business transactions. And with the rules getting more complex over the years (e.g. introduction of reverse charge and overseas vendor registration regime in the recent years, GST rate hikes on 1 Jan 2023 and 1 Jan 2024), it has become more important to understand how these GST rules affect your business transactions, your costs and your business processes.
We will support you on your GST matters which includes advisory as well as routine compliance filings to ensure that you meet your obligations and mitigate any GST costs.
We will advise you on the GST treatment of your transactions and recommend steps to mitigate your GST leakage. These include:
- Advise the GST treatment on various income, local expenses and imported services for both the fund and fund manager;
- Advise the GST registration requirements for both the fund and fund managers and the filing obligations;
- Advise the pros and cons of GST registration and exemption from GST registration, where applicable;
- Recommend steps to mitigate any GST leakage including any concessions/ remissions applicable to the fund and fund manager.
We will assist you with the relevant applications to the Inland Revenue Authority of Singapore (IRAS) to meet your compliance obligations. This includes:
- Advise the basis for GST registration and assist with the application for GST registration for the fund and/or fund manager;
- Advise and review the eligibility of applicable GST remission for the fund to allow the fund to recover the GST on its expenses and to assist with the application for GST remission;
- Assist with ruling requests to the IRAS to confirm the GST treatment of transactions where the GST rules are unclear.
- GST compliance services
We will assist the fund/ fund manager with their GST compliance matters:- For GST registered fund manager and fund - preparation and filing of quarterly GST F5 returns;
- For non-GST registered fund that meets the qualifying conditions for the GST remission - preparation and filing of statements of claims under GST remission to recover GST on expenses.
- Advice on the Singapore GST implications of new/existing arrangements in respect of the fund structure
We will provide you with our advice from the Singapore GST perspective on the implications on new/ existing arrangements/ acquisitions. - Handling tax audits
We will assist you with responses to routine and ad-hoc queries from the IRAS and filing of GST F7 correction forms. - Training
Upon request, we will organise general/ customised GST training so that business are kept abreast with the GST developments.
For funds which are at the end of its life cycle and for fund manager that will cease its operations, we will assist with the winding up matters of the fund/ fund manager which can include:
- Assist with the application to the IRAS to cancel the GST registration;
- Assist with the preparation/ filing of the final GST returns or statements of claims;
- Assist with the queries from the IRAS relating to the above.
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Seow Seok Hong
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