On or about 29 October 2019, the Inland Revenue Authority of Singapore (IRAS) has published the second edition of the e-Tax Guide GST: Renewal of Assisted Compliance Assurance Programme (ACAP) Status. It replaces the first edition published on 1 July 2016.
In second edition, the following revisions were made:
- editorial changes
- amended para 3 to include an independent in-house Internal Audit team in the definition of ACAP Reviewer
- amended s 1.15 (Identify Major Income and Expenditure Streams and Transactions with High Risk of Incorrect GST Treatment or Omission from GST Returns) and inserted footnotes 18–20
- amended s 1.23 (Perform GST Trend Analysis and Review Anomalies) and inserted footnotes 23 and 24
- amended s 2.4(b) (Review Information Represented by ARA) and 2.7(c) (Select 3-Month Test Period)
- inserted s 3.2(a)(vi)–(viii) (Interview and Walk-through of Controls at Transaction Level)
- amended s 3.3(c), 3.5 and 3.8(a) (Minimum Number of Transactions for the Conduct of Walk-through)
- inserted s 4.4(d) and 4.5 (s 4: Review of New Processes & Perform Controls Testing)
- amended s 5.1 (Scope of Review)
- inserted s 5.3(d), (g)–(i) and footnote 31
- amended s 5.3(e)
- inserted s 5.4(b), (c), (e) and (f)
- amended s 5.5, 5.7, 5.11 (Sample Size) and inserted footnote 35
- amended s 7.3(b) (s 1 — Business Information)
- Appendix 2 — Information Leaflet on Post ACAP Review (PAR) after ACAP Renewal
- inserted para 2.7–2.9 (Review of new processes) and footnote 38
- amended para 3.1 (Review period for PAR after ACAP Renewal) to include illustration
- removed footnote 40, and
- amended para 4.1 (Sample size for substantive review)
- Appendix 4 — Common GST Risks at Transaction and GST Reporting Level
- inserted risks 2, 3(i)–(l), 5 and 15 at Sales Transaction Level
- inserted risks 5–7, 18 and 19 at Purchases Transaction Level
- inserted risks 20(d) and 22 at Purchases Transaction Level, and
- amended risk 3(a).
For more information, please visit the IRAS website.
Source: IRAS website, 29 October 2019