Appeal for waiver of late payment penalties and late submission penalties. The determination of whether an application should be processed … GST returns electronically and receive an acknowledgement from IRAS upon … Browse the Lecture style, with Case Studies and Examples. IRAS’ VDP aims to encourage taxpayers to come forward voluntarily, in a timely manner, to correct their errors. To further enhance the VDP, the IRAS will be introducing more "carrots" and refinements to the VDP from 1 January 2013. Taxpayer must honor arrangement to pay additional taxes and penalty imposed (if any). (PDF, 112KB). 55 Newton Road #06-02, Revenue House, Singapore 307987 Tel: (65) 6355 2000 Fax: (65) 6251 3227 Website: www.customs.gov.sg Page 3 of 4 Annex A FAQs – GST SHORT PAYMENT ON IMPORTATION OF FISH AND OTHER MARINE PRODUCTS 1. The GST ASK enjoys benefits under the Voluntary Disclosure Programme (VDP). Your payment plan will be cancelled instantly upon request. The VDP is applicable to Income Tax, Goods and Services Tax (GST), Withholding Tax and Stamp Duty. Refer to For Qualifying Funds (including Variable Capital Companies (“VCCs”)) to submit Statement of Claims electronically and receive an acknowledgement from IRAS upon successful submission. Businesses must honor arrangement to pay the taxes and penalties. Taxpayers including authorised company staff and tax age nts of businesses can log into myTax Portal > myTax Mail using their SingPass or IRAS PIN to enquire about their tax matters. Hence, some businesses procrastinated in using the VDP as they wanted to reserve the VDP for "bigger ticket" items where the errors will be significant. 10. Coupled with "carrots" such as waiver of penalties, and/or reduced penalties of 5% (as opposed to a 200% penalty in the event of an IRAS GST audit), the VDP … For businesses applying for GST registration. A taxpayer may qualify for the reduced penalty treatment if the voluntary disclosure is timely, accurate, complete and self-initiated. Figures of your business transactions for the accounting period to be e-Filed, Tax reference or GST registration number, Maximum no. GST will be imposed on imported services from 1 Jan 2020. Fraud cases will be included under the VDP. Updates: GST (goods and services tax) 17 Dec 2020 2020-2021 holiday closure hours, payments, and due dates. check payment status and if there is any outstanding tax payable). The taxpayer must also: • Cooperate fully with IRAS to correct the errors made, and 200312345A or M90312345A), Your client's tax reference number (For tax agents only). More information on User Guide Overview. … Sanctioned Lists and Red Flags . The IRAS Voluntary Disclosure Programme (VDP) was introduced in 2009 to encourage businesses to come forward voluntarily and disclose their past errors in relation to GST and Income Tax (personal, corporate and withholding taxes). A more holistic approach may be to undertake a review of the GST returns and/or to arrange for a qualified GST professional to conduct GST trainings for the staff, so as to flush out any major GST errors/issues. Coupled with "carrots" such as waiver of penalties, and/or reduced penalties of 5% (as opposed to a 200% penalty in the event of an IRAS GST audit), the VDP has been well received by businesses. Permit and Registration Requirements. Submit the document(s) requested by IRAS and receive an acknowledgement from IRAS upon successful submission. View your GST statement of account (e.g. Exemption of investment precious metals (IPM) The IRAS actively seeks feedback to fine tune its industries through dialogues with industry players. 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