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The challenge of keeping up with Goods and Services Tax (GST) and customs regulatory requirements is all too familiar for business owners.

Mitigating the risk of non-compliance will save businesses from penalties and composition costs, and applying for relief schemes could mean cost savings as business cash flow improves.

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

How can we help and Our services

Responding to your tax issues

  1. Getting started with GST

    Matters to consider
    - 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


    How we can help
    - 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)

  2. Compliance

    Matters to consider
    - 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

    How we can help
    - 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 customized in-house GST training
    - Developing customized GST procedural manual
    - KPMG's data analytical tool (KDAT) scans source data to identify potential risks and errors.


  3. Planning for efficiency

    Matters to consider
    - Improving cash-flow
    - Ways to improve 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

    How we can help
    - 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 Programmed (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)


  4. Cessation of business

    Matters to consider
    - 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

    How we can help
    - Advise on implication arising from GST
    - Application for cancellation of GST registration
    - Filing of GST F8 (last return)
    - Planning for efficient GST de-registration process

 

Singapore Tax Firm of the Year – Asia Tax Awards 2020, International Tax Review
Asia Tax Firm of the Year – Asia Tax Awards 2020, International Tax Review
Asia Tax Innovator of the Year – Asia Tax Awards 2020, International Tax Review

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