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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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