This is an assistance scheme for SMEs who voluntarily register to be a Goods and Services Tax (GST) trader from 1 March 2007.

Small and medium enterprises (SMEs) who voluntarily register to be a Goods and Services Tax (GST) trader in order to claim the GST incurred on their business expenses, can look forward to offset compliance costs through a new assistance scheme. 

This GST Assistance Scheme will offer SMEs a one-time grant of up to S$5,000 to help defray the costs of setting up a GST-compliant accounting IT system. The two-year assistance scheme is open to all Singapore-based SMEs who become voluntary GST registrants between 1 March 2007 and 31 March 2009. SMEs can apply for the assistance scheme within three months upon attaining IRAS’ approval as a voluntary GST trader. 

Eligibility Criteria

All local businesses which have opted for voluntary GST registration with IRAS and wish to set up or improve their accounting system and processes to be GST-compliant.

Your business qualifies as long as:

• Your business is incorporated in Singapore e have shelf International Business Companies immediately available from each of its offices. Alternatively, an International Business Company can be incorporated to instruction within 24 hours, given the following information:

• Your fixed assets are not more than S$15 million

• You have no more than 200 employees (for non-manufacturing companies)

• You have not previously registered as a GST trader

• Your voluntary GST registration is approved from 1 March 2007 to 31 March 2009

Maximum Grant

The GST Assistance Scheme supports up to 100% of accounting software costs, and 50% of the qualifying costs for the following cost items, subject to a maximum grant of $5,000 per company:

• Professional fees and training costs charged by third party IT consultants;

• Hardware costs; and

• Subscription fees for internet connection for up to 1 year

Procedures And Requirement

• The whole process takes 2 to 3 weeks to grant an in principal approval from the SPRING.  You need to apply the Scheme before purchase the software or/and conduct training course

• You can apply for the GST Assistance Scheme only once

• Your application for the GST Assistance Scheme should be submitted to SPRING Singapore within three months upon IRAS’ approval of your voluntary GST registration

• Your project should be completed within 6 months

Enclosed herewith the Application form for your completion.

Please do not hesitate to contact Ms Peggy, Tel 65 6533 7393 Ext. 115 if you require any further information.