WHAT IS ACAP
Assisted Compliance Assurance Programme (“ACAP”) is a compliance initiative introduced by the Inland Revenue Authority of Singapore (“IRAS”) to encourage businesses to set up a robust GST control framework.
ACAP focuses on the review of the GST structure and visible tax functions set up by GST-registered businesses to manage proper accounting of GST on transactions. Businesses that are ACAP-certified would have a more sustainable compliance framework to ensure correct GST reporting on an on-going basis.
With the reduced risk of non-compliance with the GST laws and regulations, businesses can reap productivity gains – savings in both time and money.
Affirmative that you are still very much in compliance with the Singapore GST requirements? Would you be up for a tax health check if initiated by the IRAS? Or you do not know what should be your next steps? Reach out to us for a meaningful discussion now!