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Assisted Compliance Assurance Programme (ACAP) & Renewal

We are able to assist with the application for ACAP and ACAP renewal.

ACAP

The ACAP is a compliance programme introduced by the IRAS in 2011 from an “audit” perspective looking at GST processes and controls with a view to providing a credit rating to each GST-registered business.

 

You will need to be GST registered for at least 3 years, and complete an “ACAP Control Framework Calculator” (achieve at least a 60% score) before you may apply for ACAP. Upon IRAS' acceptance of ACAP participation, you will need to commence ACAP and submit the ACAP Report to IRAS within 15 months. For example, if you apply for ACAP on 30 Apr 2016 and IRAS' accepts on 30 May 2016, the ACAP Report must be submitted no later than 29 Aug 2017.

 

On completion, you will be awarded with either a:

–“Premium” status: 5 years (Score of >80%)

–“Merit” stauts: 3 years (Score of >60%)

The benefits of the ACAP are:

  • Step-down of IRAS-GST compliance activities unless significant anomalies are noted in GST declarations

  • Expeditious GST refunds, if no anomalies are noted

  • Dedicated team to handle GST Rulings and resolve GST issues expeditiously

  • Auto-renewal of the GST schemes (e.g. Major Exporter Scheme status)

  • Limited time offer: Full waiver of penalties for non-fraudulent errors till 31 Mar 2019

 

Need assistance? Contact us for a no obligation free quote now.

ACAP Renewal

If you are currently under ACAP, you will be pleased to know that the status will be extended for 6 years (Premium status) and 4 years (Merit status) upon successful renewal, instead of 5 and 3 years previously. For ACAP Renewal, a stepped down version of the original ACAP work is required (e.g. the test period is for 3 months only, a walkthrough of your GST tax classification is required instead of the entire transaction process and a reduced scope in terms of substantive testing). IRAS will send you a notification letter 15 months prior to the expiry date.

If you are not renewing your ACAP status, you will need to perform a 2nd Post ACAP Review (PAR) to be submitted 6 months prior to the expiry of your ACAP status.

Please feel free to contact us if you require assistance with the ACAP application, ACAP Renewal or PAR.