Corporate, Personal and International Tax Compliance

GST Assisted Self-Help Kit (ASK) certification 

GST Assisted Compliance Assurance Programme (ACAP)

Keeping up to date with the frequent regulatory changes is imperative in these days where non-compliance not only brought about substantial financial penalties but also irreversible reputational damage that accompany when such cases are subject to media coverage. In addition, tax regimes across the world have been collaborating actively to ensure equitable taxation of profits especially for cross-borders transactions. At Max Lewis Consultants, our tax services team stand ready to help you fulfill your tax compliance obligations in the area of corporate tax, goods and services tax (GST) and personal tax.

 

Going further than compliance, we also seek to add value by working proactively with you to identify your company's or individual tax risks as well as any tax planning opportunities that may arise.

Corporate, Personal and International Tax Compliance

We assist our clients in the preparation of tax returns as well as the handling of negotiations and correspondence with the Inland Revenue Authority of Singapore (IRAS) including enquirers arising from IRAS investigations or audits. Our broad spectrum of Singapore corporate tax advisory include:

  • Preparing and filling company income tax returns and tax computations for clients

  • Assisting clients with withholding tax compliance

  • Assisting clients with corporate tax planning locally and internationally to maximize tax efficiency

  • Assisting clients in the review and application of grants, local tax incentives and advance tax rulings

  • Assisting clients with tax investigations and/or tax audit issues

  • Representing clients on tax objections and disputes

  • Reviewing corporate tax matters for due diligence purposes​

Goods & Services Tax (GST)

 

With the rise in GST audit in recent years, companies are finding that it is vital to ensure proper application and documentation of relevant transactions for compliance. Our services with respect to ensuring client's GST obligations include:

  • Registration and de-registration / cancellation of GST

  • Reviewing and e-filling of GST F5 return

  • Conducting GST Compliance Review

  • Conducting and certifying GST Assisted Self-Help Kit (ASK) review

  • Applying for GST scheme (IGDS / A3PLCS/ AMCS / ACMT / ARCS / MES / AISS )

  • Renewing for GST scheme ( IGDS / A3PLCS / AMCS / ACMT )

  • Assisting with queries with queries and objections with IRAS review and advice on internal controls for GST reporting

  • Assisting in pre and post ACAP review, completion of F28 annual review declaration form.

  • Advice on GST implications involving business start-up, restructuring, new business arrangements and cross-borders transactions

 

GST Assisted Self-Help Kit (ASK) certification for the following

 - Major Exporter Scheme (MES) / IGDS / A3PLCS / AMCS / ACMT / ARCS

The Major Exporter Scheme (MES) is designed to alleviate the cash flow of companies that re-export a substantial amount of their imports. Under normal rules, businesses have to pay GST of the goods imported to Singapore Customs, and subsequently obtain a refund from IRAS after the submission of their GST returns. This can hinder cash flow for businesses that export goods substantially as no GST is collected from the zero-rated supplies to off-set their initial cash outflow on their imports. Companies approved under the MES can enjoy GST suspension for non-dutiable goods imported into Singapore, and on goods removed from a zero-GST warehouse.

 

To qualify for the MES scheme, the business must:

 1. have more than S$10 million of zero-rated supplies for the past 12 months or more than 50% of the total supplies are made up of  zero-rated supplies;

 2. maintain good internal controls and proper accounting records;

 3. maintain good compliance records with IRAS and Singapore Customs.

GST-registered businesses who wish to apply for MES or existing MES traders who wish to renew their MES status, are required to perform a self-review of their past GST submissions under the GST Assisted Self-Help Kit (“ASK”) which must be certified by an Accredited Tax Advisor (GST) or Accredited Tax Practitioner (GST) before the IRAS would renew or approve the application for the MES status.

 

We also helped with the self review using the ASK if you are applying for the following GST schemes:

 

a) Import GST Deferment Scheme (IGDS);

b) Approved Third Party Logistics Company Scheme (A3PLCS);

​c) Approved Marine Customer Scheme (AMCS);

​d) Approved Contract Manufacturer and Trader (ACMT) Scheme; or

​e) Approved Refiner and Consolidator Scheme (ARCS).

We have members who are Accredited Tax Advisor (Income Tax and GST), so we will be able to assist you to apply/renew the MES/IGDS/A3PLCS/ACMT without hassle and assure you of the quick turnaround time. Please feel free to contact us for more information. ​We have assisted a large number of clients who are on the Major Exporter Scheme (MES) and also Import GST Deferement Scheme ("IGDS") from the logistics, trading and jewellery industries.

GST Assisted Compliance Assurance Programme (ACAP)

ACAP is a compliance initiative for businesses, who on a voluntary basis, conducts a holistic risk-based review to endorse the effectiveness of their GST controls. Inland Revenue Authority of Singapore(IRAS) introduced ACAP in 2011, in order for large businesses to have robust GST control framework. Presently, more than 300 companies have successfully applied for ACAP. ACAP reviews the sufficiency of management oversight and control activities present at Entity, Transactional and Reporting level for a selected 12 month period.Note : Review done over a period of 15 months.

We are qualified to be a ACAP reviewer because we hold the credential of Accredited Tax Advisor (Income Tax and GST).

ACAP's focus is on :

(1) Extensive reviews on Internal Controls that impact GST compliance (and)
(2) Verify transactions to ensure accuracy of GST reporting.
Note : The findings are consolidated and report submitted to IRAS.

Upon satisfactory completion of ACAP exercise, IRAS awards ACAP Status of either
(1) “Premium” for 5 years (>80% Controls Satisfied) (or)
(2) “Merit” for 3 years (>60% & <80% Controls Satisfied).

Benefits :

(1) GST Fines/Penalties avoided;

(2) Step Down IRAS GST Compliance Activities; 

(3) Dedicated Officers to handle GST Rulings and resolve GST issues expeditiously.

Already holding a valid ACAP status, you will not be required to submit ASK declaration form if:

◾ The Post ACAP Review (PAR) is performed; and

◾ The “PAR Declaration” form (GST F28) is submitted.

Successful ACAP applicants also are not required to submit the ASK declaration form pending the result of ACAP review and submission of ACAP Report. If they subsequently withdraw from participating in ACAP, businesses are then required to perform and submit the ASK declaration form within three months. Should they fail to obtain an ACAP status, there may be a requirement for submission of the ASK declaration form on a case-by-case basis.

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