Goods and Services Tax (GST)

posted 23/12/2016

Only GST-registered businesses are allowed to charge GST on their sales. It is a serious offence for businesses that are not GST-registered to charge GST to their customers. Offenders face a penalty of 3 times the tax wrongfully charged and a fine of up to $10,000.

It has come to our attention that some businesses have been wrongly advised that they can charge GST before their application for GST is approved and IRAS would backdate their GST registration to the date when GST was first charged on their sales. This is a misconception. IRAS would only backdate the registration of businesses that are required under the law to be GST-registered (i.e. compulsory registrants) earlier. The backdating of GST registration does not ratify the wrongful act of charging GST before a business is registered for GST. The business would still have committed an offence for charging GST for the backdated period prior to IRAS’ backdating of its registration.

If you are aware of any clients who have wrongly charged GST prior to their effective date of GST registration, please encourage them to make a voluntary disclosure to IRAS. Penalties would be waived or reduced for such voluntary disclosures.

Price Display GST-registered businesses must show GST-inclusive prices on all price display (e.g. price tags, price lists, advertisements, publicity brochures and website). Prices that are quoted, whether written or verbal, must also be GST-inclusive.

With effect from 1 Apr 2015, the GST law requires businesses that display or quote both the GST-inclusive and GST-exclusive prices to show the GST-inclusive price at least as prominently as the GST-exclusive price. Failure to comply with each of these price display requirements is an offence that can result in a fine of up to $5,000.


More Details on Small Company Concept for Audit Exemption

posted 1 Jul 2015

The audit exemption is applicable for financial years beginning on or after the change in the law Read more...


Directors to Comply with Singapore Companies Act

posted 14 July 2016

  • (Section 205B/205C) Every company shall appoint an auditor within 3 months from the date of its incorporation, unless it is exempted from audit requirements.

  • (Section 171 under the Companies Act) Every company must appoint a Company Secretary within 6 months from the date of incorporation.

  • (Section 175 under the Companies Act) The Directors of a newly incorporated company must hold its first Annual General Meeting within 18 months from date of incorporation.

  • (Section 201 under the Companies Act) Accounts presented at the AGM shall be made up to a date not more than 6 months before the AGM.

  • (Section 197 under the Companies Act) The Directors of the company are to ensure Annual Returns must be filed with the Registrar within 1 month after AGM

  Important Note:


  • Inactive/Dormant Companies are still required to submit the Annual Return filing. Director who breaches his statutory duties under the Companies Act commits an offence and may suffer a penalty of up to S$700 per director

  • Penalties for other Late Lodgments of up to S$350


Amendments to the Employment Act

(posted 1 April 2016)

From 1 April 2016, all employers will be required to issue itemised payslips and key employment terms (KETs) to employees covered under the Employment Act. There will also be a new framework to treat less severe breaches of the Employment Act Read more...

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