Do you know that there is a grant of up to S$5,000 for eligible Singapore businesses who voluntarily register for Goods & Services Tax (GST)?
The grant is to assist small and medium enterprises (SMEs), including eligible private exempt companies, sole-proprietor and partnership businesses in implementing a GST-compliant accounting IT system. Append below are some information which might interest you.
............ GST Assistance Scheme is an assistance scheme for Singapore businesses which have opted for voluntary GST registration with Inland Revenue Authority of Singapore (IRAS) and wish to set up or improve their accounting system and processes to be GST-compliant.
............ The GST grant supports up to 100% of accounting software costs, and 50% of the qualifying costs for the following cost items, subject to a maximum grant of $5,000 per company on professional/ consultancy & training costs charged by third party consultants; computer hardware costs; and subscription fees and one time activation charges for a new internet connection.
............ GST Assistance Scheme Application…………
You can apply for the GST Assistance Scheme if you are a Singapore-based small-medium-sized enterprises (including eligible private exempt companies, sole-proprietor and partnership businesses) who voluntarily register to become GST traders for the first time between 1 March 2007 and 31 March 2009; and your company meets the following criteria:
• registered or incorporated in Singapore
• your company’s group fixed assets are worth below $15 million*
• you have not more than 200 employees (for companies in the services sector)*
• You have previously not registered as a GST trader before
• You are approved as a voluntary GST registrant from 1 March 2007 to 30 June 2009
* Computed on a group basis ie checking up to 3 levels for corporate shareholders holding 20% or more of the total shareholding in the company and 1 level down where the company holds 50% or more of the shareholding in a subsidiary company.
.......... Voluntary GST registration…………You may apply to voluntarily register for GST if you are not liable to compulsorily register and you satisfy the following conditions:
• Your annual turnover does not exceed $1 million, or
• You only supply goods outside Singapore (out-of-scope supplies), or
• You only make exempt supplies of financial services that are also deemed as international services
............ You can enjoy the benefits of claiming input tax incurred in the course of your business. This is especially so when you make purely zero-rated supplies (exports or international services). However once you are voluntarily registered, you must remain registered for at least two years and comply fully with the responsibilities and obligations of a GST registered trader.
………..for further details on Implementation of an effective GST compliant-system (including installation, setting up, training, technical support, software and hardware configuration with MYOB Premier multi-user, multi-currency accounting software - an International awards-winning software which is user-friendly and able to generate accurate GST returns and financial statements efficiently); Qualified experienced Accountant consultants with successful track records who had successfully help many small & medium businesses (SMEs) in implementing & improving their accounting system & processes to be GST-compliant with the GST Assistance Scheme grant at economical rate; and more information about GST Assistance Scheme grant application & the claim disbursement process, you may visit
www.gstassist.sg
