On or about 1 November 2019, the Inland Revenue Authority of Singapore (IRAS) has published the fourth edition of the e-Tax Guide on GST: Customer Accounting for Prescribed Goods. It replaces the third edition published on 16 August 2019.
The fourth edition of the e-Tax Guide contains the following updates:
- Updated paragraph 9.2 to provide clarity on the implications of discounts on customer accounting.
- Added paragraph 9.2.4 and 9.2.5 to explain application of customer accounting following the change to the treatment of prompt payment discounts that will come into effect from 1 Apr 2020.
Source: IRAS website, 1 November 2019