With the advent of technology, businesses in Singapore may increasingly procure services from overseas that in the past could only be supplied by local service providers. Under the current GST regime, a supply of services (other than an exempt supply) procured from a local GST-registered…

Customer accounting for certain prescribed goods will be implemented from 1 Jan 2019 to deter fraud schemes where the seller absconds with the GST collected, but businesses further down the supply chain continue to claim the input tax. It will apply to supplies of mobile…

IRAS is currently focusing its audit and investigation efforts on businesses involved in Missing Trader Fraud arrangements. Such cases are detected using advanced data analytics. Other sources of leads include tip-offs from whistle-blowers. Businesses should be alert and avoid participating in any arrangement that is…

As the owner of a major import and export business, it is somewhat inevitable that at some point, your business will inherit some goods and services tax (GST) cash flow issues. This can be caused by new tweaks in GST law that can catch businesses…

It is not surprising that in today’s busy world, Entrepreneurs often get so involved in their daily business operations that they forget the basics of processing their tax returns. A lot of times, they might not even be sure of the steps that they need…

Most people are always happy to forget about the word TAXES once their returns are sent to the IRS. But taxes are not a once a year event. To be able to fully profit from all the tax credits and tax deductions that are accessible…