On or about 5 April 2011, the Inland Revenue Authority of Singapore (IRAS) has released the first edition of the e-Tax Guide GST: Assisted Compliance Assurance Programme (ACAP).
The ‘Assisted Compliance Assurance Programme’ (ACAP) was introduced to facilitate GST-registered businesses to better manage their GST risks.
The ACAP provides a set of guidance for GST-registered businesses to undertake a holistic review of the robustness and effectiveness of their internal control system that impacts GST compliance.
This e-Tax Guide explains this initiative in greater detail.
It is essential for those who are a:
- a senior executive such as a Chief Financial Controller, Tax Manager, Accountant and other person or team tasked to manage GST compliance of the GST-registered business; and
- reviewer nominated by the GST-registered businesses to conduct an ACAP Review.
Source: IRAS website, 5 April 2011