GST ASK Review & Tax

GST Assisted Self-help Kit (ASK)

* ASK is a comprehensive self-assessment compliance package that aids businesses to review the correctness of their GST submissions and identify past GST errors early so as to qualify for the Voluntary Disclosure Programme in IRAS. GST-registered traders may adopt the self-help kit on voluntary basis. But conducting ASK is compulsory when you are applying for or renewing these GST Schemes.

We successfully obtain certification for clients who apply for or renew Major Exporter Scheme (MES), Import GST Deferment Scheme (IGDS), Approved Third Party Logistics Company Scheme (A3PLCS). 

The majority of our clients apply for or renew their certification under the MES. Our clients are in the business of trading of pumps, motors, spare parts, trading of copier consumables, shipping, general import and export with logistics warehousing.

GST ASK

Our achievements include:-

Major Exporter Scheme (MES)

Notable clients include Nittsu Shoji (Singapore) Pte Ltd, a wholly owned subsidiary of Nippon Express Co. Ltd, Japan.

Import GST Deferment Scheme (IGDS)

We successfully obtained certification for Kim Siang Jewellery, a local SME under this scheme.

Approved Third Party Logistics Company Scheme (A3PLCS)

We successfully obtained certification for Nissin Transport (S) Pte Ltd under this Scheme.

Approved Marine Fuel Trader Scheme (AMFT)

Consort Bunkers Pte Ltd is one of our clients under this Scheme.

If you are also applying for the following schemes, we can assist you with the ASK self-review:

Approved Contract Manufacturer and Trader Scheme (ACMT)

Under ACMT, traders and contract manufacturers need not make up for GST on enhanced activities given to non-GST registered customers abroad or overseas individuals who have been recorded officially under the Overseas Vendor Registration (OVR) system as a pay-only individual.

Approved Marine Customer Scheme (AMCS)

In accordance with AMCS, GST-registered ventures get to benefit from the 0% GST charge on any purchase or renting of merchandises and maintenance or repairs on ship components or parts under qualifying criteria.

Approved Refiner and Consolidator Scheme (ARCS)

Under ARCS, Approved Consolidators and Approved Refiners get to gain from several certain benefits comprising extra input tax benefits and GST suspension made on verifying the eligibility of imports.

Approved Marine Fuel Trader Scheme (AMFT)

Under AMFT, approved businesses are not required to make payment for GST when they engage any GST-registered supplier to make a local purchase for approved marine fuel oil.

Approved Third Party Logistics Company Scheme (A3PLCS)

Under A3PLCS, approved logistics organisations that offer logistics handling services to clients abroad are not required to charge GST or pay import GST for the stocks of their international clients’ merchandise under certain situations.

Approved Import GST Suspension Scheme (AISS) (For Aerospace Players)

Under AISS, GST-registered traders in the aerospace industry can benefit from import GST suspension benefits for qualifying aircraft parts.

Specialised Warehouse Scheme (SWS)

Under SWS, qualifying services executed on qualifying merchandises in Approved Specialised Warehouses and the tenancy/ licence/ lease of available space for storage in such warehouses are able to charge 0% GST to individuals abroad.

Local & International Tax Compliance and Planning

Our firm has extensive experience working on both local and international tax issues, including providing advice on tax issues arising from mergers and acquisitions, reverse charge, private equity transactions, overseas vendor registration, contentious tax controversies, indirect VAT/custom taxes, cross border international tax planning including setting up of family offices, Variable Capital Company, devising investment tax structures, withholding tax implications, FATCA compliance, in addition to providing advice on EDB and other government tax incentives.

GST ASK Singapore

Staying up-to-date on the latest regulatory changes is important, because non-compliance can lead to substantial financial penalties and irreversible reputational damage from media coverage. In addition, tax regimes across the globe are actively working together to ensure the equitable taxation of profits, especially for cross-border transactions. At Max Lewis Consultants, our team is ready to help you fulfill your tax compliance obligations in the area of corporate tax, goods and services tax (GST), international tax, and personal tax filing for foreign expatriates working in Singapore.

Going beyond just compliance, we aim to add value by working proactively with you to identify your company’s or your own individual tax risks. We will also take note of tax planning opportunities that may come up.

We provide assistance to our clients by preparing tax returns and handling negotiations and correspondence with the Inland Revenue Authority of Singapore (IRAS). This includes any enquiries that arise from IRAS investigations or audits. Our wide spectrum of corporate tax advisory in Singapore includes assisting clients with:

  • Preparing and filing company income tax returns and tax computations for clients
  • Withholding tax compliance
  • Corporate tax planning locally and internationally to maximise tax efficiency
  • Reviewing and applying for grants, local tax incentives and advance tax rulings
  • Tax investigations and/or tax audit issues
  • Representations on tax objections and disputes
  • Reviewing corporate tax matters for due diligence purpose
  • Foreign Account Tax Compliance Act (FATCA) compliance work

Our in-house expert has in-depth experience in the private sector, which spans domestic and international taxation, withholding tax, corporate tax, property tax, goods and services tax, stamp duties and personal income tax. He has also represented clients in exchange of information cases with IRAS. For clients in investigation and audit cases, he has achieved successful settlements following private negotiations with IRAS for taxpayers in difficulties

Our achievements include:-

A successful appeal to IRAS to avoid forfeiture of tax losses that amount to $11 million due to amalgamation between two related entities under the umbrella of a main board listed company.

Shared our expertise on withholding tax implications for many cross-border transactions.

Provided advice to clients on Reverse Charge and Overseas Vendor Registration since 1 January 2020.

Assisted a client on effective tax restructuring for a planned REIT IPO raising $15 million.

Successfully appeal under the Voluntary Disclosure Program for past errors amounting to millions.

Held the distinction of obtaining Premium Status for a Singapore main-board listed company which is in the B2B business of furniture production, with markets in Europe, America, South-East Asia, Australia, Japan, and Korea.

Assisted a client to improve its GST control framework to avoid hefty penalties for errors and non-compliance and eventually, successfully obtain ACAP status after a period of two (2) years.

Successfully appeal to IRAS on behalf of an approved bunker fuel trader to substitute ASK in lieu of ACAP.

* the above source is adapted from IRAS website

GST Assisted Self Help Kit Singapore

We have a team of highly qualified in-house experts:

Our in-house expert is an Accredited Tax Advisor (Income Tax and GST), who can assist you with the fuss-free application for or renewal of the MES/IGDS/A3PLCS/ACMT and the assurance of quick turnaround time.

Our in-house expert holds the following qualifications:

  • Masters of International Taxation (New South Wales);
  • Chartered Tax Adviser (Australia), Tax Institute of Australia;
  • Fellow of the Taxation Institute of Hong Kong (TIHK);
  • Member of the Tax Executive Institute (TEI), USA;
  • Advanced Diploma in International Tax, Chartered Institute of Taxation;
  • Advanced Professional Certificate in International Taxation (APCIT).

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ADDRESS

1 Scotts Road, #24-10, Shaw Centre
Singapore 228208

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