All GST-registered businesses must ensure that their systems are ready to incorporate the new 9% GST with effect from 1 Jan 2024.

Check out this article to learn more about the common errors your business should avoid as you prepare for the implementation.

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1.55 pm - Opening Speech
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2.15 pm - # 2 – Managing risk locally and in ASEAN
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3.30 pm - Networking Break (with Facilitation)
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#GSTRateChange With the second step of the GST rate change approaching, IRAS reminds all businesses to ensure that their systems are ready to incorporate the new 9% GST rate with effect from 1 Jan 2024 and to take active steps to avoid rate change errors during implementation.

👉🏼 Click here for more on getting your business ready for the second rate change and common rate change errors to avoid

#DidYouKnow that your company can claim tax deductions on qualifying Renovation or Refurbishment (R&R) costs incurred? #CorporateIncomeTax2023
 
Find out more here or watch this video

Less than a month to the #CorporateIncomeTax2023 deadline of 30 Nov 2023 🔈
 
Ensure that you or your staff has been assigned with the “Approver” role for “Corporate Tax (Filing and Applications)” digital service in Corppass before filing the Form C-S/ Form C-S (Lite)/ Form C at myTax Portal.
 
File your taxes on time to avoid late filing penalties.

#GST Rate Change Tips!

😎 3 main things to make sure you are ready for the rate change! (Source: IRAS)

#1️⃣ Update your systems to incorporate the new GST rate from 1 Jan 2024 (Tips: reach AutoCount today for a complete, accurate, TIER-3 IRAS ASR+ solution!)

#2️⃣ Prepare your price displays to reflect the new GST rate from 1 Jan 2024

#3️⃣ Understand and apply the correct GST rate for sales transactions and reverse charge supplies spanning 1 Jan 2024.

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#InvoiceNow tips

🧐 Is 𝗜𝗻𝘃𝗼𝗶𝗰𝗲𝗡𝗼𝘄 invoices can only be used in 𝗦𝗶𝗻𝗴𝗮𝗽𝗼𝗿𝗲?

Can I send and receive InvoiceNow invoices 𝗰𝗿𝗼𝘀𝘀 𝗯𝗼𝗿𝗱𝗲𝗿?
How will this impact my business with overseas customers?

The answer is 𝗬𝗘𝗦!
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𝗥𝗲𝗮𝗰𝗵 𝘂𝘀 𝗮𝘁
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🇸🇬 #eInvoicing #peppol #singaporeinvoice #imda #accountingsingapore #invoicesme #sme

#GST Rate Change tips
“How much 𝗚𝗦𝗧 for 𝗰𝗼𝗺𝗺𝗶𝘀𝘀𝗶𝗼𝗻 𝗳𝗲𝗲𝘀 charged by real estate agent for property purchase which 𝗰𝗼𝗺𝗽𝗹𝗲𝘁𝗲𝗱 𝗔𝗙𝗧𝗘𝗥 rate change date?”🤔
According to IRAS: If your brokering services are completed in 2023 and is 𝗼𝗻𝗹𝘆 pending payment after rate change and there is 𝗻𝗼 𝗼𝘁𝗵𝗲𝗿 𝘀𝗲𝗿𝘃𝗶𝗰𝗲 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗲𝗱 by you apart from the brokering services, you can charge 8% GST on your commission. 🔣
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🇸🇬

#GST Rate Change tips

“My company receives an invoice in 2️⃣0️⃣2️⃣3️⃣ for imported goods that is due to reach Singapore ON / AFTER 1 Jan 2024”

~ What is the GST rate payable on the import❓

According to IRAS: The Singapore Customs collects the GST for imports. For imports on/ after 1 Jan 2024, the GST rate of 9% would be imposed

And, 𝗧𝗼 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗲𝘀 𝗳𝗶𝗹𝗶𝗻𝗴 𝗽𝗿𝗼𝗰𝗲𝘀𝘀 𝗮𝗻𝗱 𝗺𝗶𝗻𝗶𝗺𝗶𝘇𝗲 𝗲𝗿𝗿𝗼𝗿? Contact AutoCount today, officially recognized by 𝗜𝗥𝗔𝗦 as the 𝗧𝗜𝗘𝗥-𝟯 𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗽𝗿𝗼𝘃𝗶𝗱𝗲𝗿 in the ASR+ listing.

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Reach us at
✉️ sales.sg@autocountsoft.com or call
📞 +6591441373 or WhatsApp at: https://wa.link/u0jkdm
📞+6582982690 or WhatsApp at: https://wa.link/u2avd6





🇸🇬 #tax #Singapore #singaporetax #taxreporting #sffs #seamlessfiling #mytax #singaporeGst #Gstratechange #accounting #accountingsoftware #autocount #iras

#GSTRateChange Consumers who come across cases of unjustified price increases of essential goods or services that use the GST increase as a cover can provide their feedback to the Committee Against Profiteering (CAP) at www.cap.gov.sg/shareyourfeedback. All feedback submitted will be reviewed by CAP, and further investigated if necessary, to identify businesses that may have engaged in unjustified price increases on the pretext of the GST increase.

For more information, please visit CAP’s website.

#GST Rate Change tips

“Can I charge 9️⃣% GST on all invoices issued on or after 1 Jan 2024 for administrative ease, 𝗿𝗲𝗴𝗮𝗿𝗱𝗹𝗲𝘀𝘀 of the payment received date?”

The factors determining which GST rate is to be applied in your invoicing are:
a) when payment is received from your customer
b) when goods are delivered/ services are performed for your customer.
If you have received payment from your customer in 2023, it will be 8%. as the time of supply has been triggered before 1 Jan 2024.

Still facing difficulty during transition period or in tax filing?
AutoCount Accounting has been the 𝗙𝗜𝗥𝗦𝗧 𝗦𝗢𝗟𝗨𝗧𝗜𝗢𝗡 in Singapore which has been selected as the 𝗧𝗜𝗘𝗥 𝟯 solutions provider by 𝗜𝗥𝗔𝗦 , provides businesses with assurance that the software is compliant with local authorities requirements. ⚖️