Goods and Services Tax (GST)
Assistance Scheme for SMEs Who Opt For Voluntary GST
Registration
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
