GST Registration

All businesses operating in Singapore (yes, including sole proprietorships) are required to be registered compulsorily for GST if they meet the following conditions:-

a) your taxable sales turnover for the past four quarters exceeded S$1 million or
b) you reasonably expect the next 12 months’ taxable turnover to be more than S$1 million

If your company meets the above conditions, please make sure you take the necessary steps to prepare for registration.

This is because IRAS has the authority to impose penalties on the GST due from the date your business is liable for registration.

The liability for registration nowadays is easily achieved as we see more and more companies having sales turnover exceeding S$1 million. So, if your business needs to be registered, please do so before the taxman comes to visit!

To know more, contact a tax expert or a professional accountant in Singapore now!


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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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