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...eligibility
Singapore-based SMEs (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.
You can apply for the GST Assistance Scheme if your
company meets these 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.
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.
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