On or about 26 July 2019, the Inland Revenue Authority of Singapore (IRAS) has published the fifth edition of the e-Tax guide, “How do I prepare my GST return”. It replaces the fourth edition published on 14 December 2018.
This e-Tax Guide explains how to prepare the GST F5 return correctly and the penalties for failing of submission of GST return and make payment on time.
It is essential for the GST-registered persons who require assistance on completing GST returns.
The e-Tax guide has updated the following:
- Introduced two new boxes applicable from 1 January 2020 for reverse charge regime and overseas vendor registration regime registration in the new GST, covering;
- bad debt relief claims made and refund claims made for reverse charge transactions where taxpayers fail to make payment to the overseas suppliers within 12 months
- business’ not entitled to full input tax claims would be required to account for GST on services procured from overseas suppliers under the reverse charge regime
- Included refund claims for reverse charge transactions.
The related content on the IRAS website has also been updated.
Source: IRAS website, 26 July 2019