taxBytes@iras is a quarterly e-newsletter that keeps you up-to-date on the latest tax developments and other revenue matters!
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Issue 13: Jul - Sep 2015 |
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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.

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How and When to Cancel Your GST Registration?
Log in to mytax.iras.gov.sg to cancel your GST registration if:
- You are no longer making
taxable supplies; or
- You have closed down your business; or
- You have transferred your business to another
owner; or
- Your business make-up has changed, e.g. from
sole-proprietor to partnership.
You may also choose to cancel your GST registration when:
- You are certain that your taxable turnover for the next 12 months will be $1 million or less; and
- You are not under voluntary registration for less than two years.
From 1 Sep 2015, only online applications will be accepted.

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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:
- Standard-rated Supplies and Output Tax
- Exempt Supplies
- Zero-rated Supplies
- Taxable Purchases and Input Tax

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© 2015 Inland Revenue Authority of Singapore. All Rights Reserved
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