Major Exporter Scheme ("MES") To reduce the compliance costs for businesses, the IRAS has extended the MES status period from the current 3 years to 5 years. Qualifying businesses renewing their MES statuses will now enjoy a 5 year cashflow benefit provided they submit a certified Assisted Self-help Kit ("ASK") Declaration Form. The IRAS also encourages businesses to conduct an annual self-review using the ASK as a compliance health check on the GST returns filed. For assista
IRAS has enhanced the ASK, principally, on Sections 1 & 2 of the ASK such that it is now easier to complete these 2 sections. Section 3 of the ASK remains the same with cosmetic updates to the templates. For Section 1: - It takes between 15 - 20 minutes to complete and comprises 4 modules. - It also has a percentage of completion "bar" at the top of the page. Our comments: There is a nifty score at the end and a summary of the issues / gaps for enhancement. This summary is a
GST Pu!se Special Edition: "Survival Guide for the Major Exporter Scheme (MES)" will be released next month.
Subscribe now to receive this update.
What is it about?
It is Major Exporter Scheme (MES) peak season again! Unlike the previous renewals (where only a checklist was required), you are now required to use the IRAS Assisted Self-help Kit (ASK).
Fret not, as we share with you quick tips based on our experience in helping our clients renew their MES statuses thus fa
Our latest GST Pu!se - Survival Guide for the Major Exporter Scheme (MES) is published on SIATP's website. We provide quick tips on how to survive the new MES renewal process using the IRAS Assisted Self-help Kit (ASK). Specifically, the link can be found at: http://www.siatp.org.sg/images/PDF/survivalguideformes.pdf If you need assistance with your MES renewal or application, please do not hesitate to contact us at Tel: 6652 5509 or email GSTPulse@GSTaxConsultancy.com #mes #