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Claiming GST on Expenses for Qualifying Funds

Funds may incur GST when the fund procures services (e.g. fund management service) from GST-registered businesses. To simplify the rules for claiming GST incurred, all qualifying funds that are managed by a prescribed fund manager in Singapore are allowed to claim GST incurred on expenses at an annual fixed recovery rate. The GST remission was granted from 22 Jan 2009 to 31 Mar 2014 and subsequently extended until 31 Mar 2019. To claim the GST incurred, qualifying funds will have to submit a quarterly Statement of Claims to IRAS based on its financial year end. Each Statement of Claims is due one month after the end of the respective quarters. As an administrative concession, funds can sub

Company Director Convicted for Unlawful GST Collection

Kumarselvam S/O Veejay Koumar (“Kumarselvam”), 31, who was a director of MV Global Trading Pte Ltd (“MV”), flouted the law when his company MV unlawfully charged GST on a total of 102 sales invoices issued to MV’s customers. Kumarsalvam pleaded guilty to the 34 charges proceeded on. For being a director when MV unlawfully charged $3,791.21 as GST, the court sentenced Kumarselvam to a penalty of $11,373.63, three times the amount shown as tax, and a fine totaling $51,000. In default of paying the penalty and fine, he has to serve a total of 125 days’ imprisonment. Another 68 similar charges were taken into consideration in sentencing. Facts of the Offence IRAS’ investigations revealed that M

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