Eligible businesses that wish to start using the GMS from 1 Jul 2025 no longer need to obtain IRAS’ approval. Paragraph 7.1 and 7.3 have been amended to reflect this change.
Eligible businesses that wish to start using the GMS from 1 Jul 2025 no longer need to obtain IRAS’ approval. Consequential amendments have been made to reflect this change. The form “Self-Review of Eligibility and Declaration on Use of Gross Margin Scheme Form” is replaced by a “Self-Review of Eligibility to Use the Gross Margin Scheme (GMS)” checklist.
Eligible businesses that wish to start using the GMS from 1 Jul 2025 no longer need to obtain IRAS’ approval. An amendment has been made to paragraph 12.1.5 to replace the phrase ‘approved to use the GMS’ to ‘eligible to use the GMS’.
The e-Tax Guide has been updated with the following changes:
Inserted paragraphs 3.1 and 3.2, and amended paragraphs 3.10, 5.2, 7.1, 7.2, 8.3 and Annex 1 to reflect the tax changes announced in Budget 2025
Updated paragraph 3.3 and Annex 2 to include section 13OA of the ITA and the expansion of scope under section 13V of the ITA
Amended paragraphs 6.2 and 6.7 to make clear the tax treatment of distributions out of tax deferred distributions and anticipated income
Updated paragraph 8.1 to highlight that incorrect distribution disclosure affecting the tax liability of the unit holders constitutes an offence under section 95 of the ITA
Updated paragraph 14.1 on the requirement to include a distribution schedule in the tax computation