taxBytes@iras

IRAS Annual Report 2014/15: Singapore Achieves 90% On-Time Filing and Payment Rates for All Tax Types

Singapore continues to achieve a high level of voluntary compliance with on-time filing and on-time payment rates of 90% on average across all tax types. 

How and When to Cancel Your GST Registration?

Log in to mytax.iras.gov.sg to cancel your GST registration if:

1. You are no longer making taxable supplies; or
2. You have closed down your business; or
3. You have transferred your business to another owner; or
4. Your business make-up has changed, e.g. from sole-proprietor to partnership.

 You may also choose to cancel your GST registration when:

1. You are certain that your taxable turnover for the next 12 months will be $1 million or less; and
2. You are not under voluntary registration for less than two years.

From 1 Sep 2015, only online applications will be accepted. 

You Can Avoid Costly GST Errors

Exercise care when you file your GST returns and periodically review your past GST returns to uncover and rectify errors in a timely manner.

You may wish to take note of the following errors commonly made by businesses:

1. Standard-rated Supplies and Output Tax
2. Exempt Supplies
3. Zero-rated Supplies
4. Taxable Purchases and Input Tax