Overview

Audit

Tax

Advisory

Tax

Indirect Tax Services

The introduction of Goods and Services Tax (GST) in Singapore signaled the longer term fiscal policy shifting from an emphasis of direct taxes on income to indirect taxes on consumption. Starting at a low rate of 3 percent in 1994, it was increased to 7 percent from 1 July 2007.

Keeping abreast with GST and customs regulatory requirements can be a constant challenge for many businesses. A higher GST rate will result in higher compliance cost as non-compliance with the GST legislation attracts penalties. This is costly to businesses.

GST is a transaction-based tax. Businesses can expect GST implications for each transaction they make, regardless of the profits or losses. They need to examine both supplies and purchases made, instead of looking only at goods and services supplied to determine the impact of GST in their businesses. A better management of GST processes and applying the appropriate GST relief schemes available can improve cashflow of businesses which in turn can translate to cost savings.

KPMG can assist our clients in reviewing their proposed GST transactions to facilitate compliance with the GST legislation, in identifying gaps when reviewing GST processes, performing health checks, and advising on areas for improvements. Where appropriate, we will recommend and assist our clients in applying for suitable GST relief schemes and represent our clients in their voluntary disclosure of errors made to the Inland Revenue Authority of Singapore (IRAS).

Our dedicated indirect tax professionals also provide a wide range of compliance and advisory services including:

• GST prudential reviews
• Compliance Audit Procedures
• GST process management review
• Customised GST procedures manual
• Customised in-house training
• GST return preparation / review
• GST consultation, including interpretation of GST legislation
• Responding to queries from IRAS
• Application for GST schemes (e.g. Major exporter scheme, group registration) / rulings
• Customs & Excise duty advisory
• Free Trade Agreements advisory

For further information about our services or if you would like one of our professionals to contact you, please contact us.