Major Exporter Scheme (MES) & Other GST Schemes
This information is applicable to your business if you are considering GST special schemes such as:
Major Exporter Scheme (MES)
Import GST Deferment Scheme (IGDS)
Approved Contract Manufacturer and Trader Scheme (ACMT)
Approved Marine Customer Scheme (AMCS)
Approved Refiner and Consolidator Scheme (ARCS)
Approved Import GST Suspension Scheme (AISS)
Approved Third Party Logistics (3PL) Company Scheme
What is Major Exporter Scheme and other special schemes?
Generally, MES, IGDS, ACMT and other GST special schemes allow for the suspension of 7% GST on import of goods into Singapore. In this way, GST-registered businesses will enjoy the cash flow benefit of suspending GST payments on the above goods.
GSTax Consultancy has extensive experience in assisting our clients with their applications for the various GST special schemes. We will be able to assess your company's eligibility and to advise on the relevant scheme applicable to your business based on your industry.
Our staff are GST tax professionals accredited with the Singapore Institute of Accredited Tax Professionals (SIATP). If you would require assistance with the application or renewal of the above GST schemes, please do not hesitate to contact us via email or call us at 6652 5509
Selection of our Clients
Yamaha Motor Group, Nestle Group, TNT Express Worldwide, Eaton Group, Panasonic Group, Hochiki Corporation, MSD Engineering, Leica Geosystems, Subsea 7, Rokko Group of companies & Triyards Marine Services.
What are the Benefits?
If you are not under any GST special schemes, you will need to pay 7% GST upfront on the import of goods to Singapore Customs. You may then recover the 7% GST as an input tax via your GST returns from the IRAS. Where you submit GST returns every three months, the GST refund process could take up to 7 months.
To qualify for MES, you must satisfy the following conditions:
Your zero-rated supplies must account for more than 50% of the total supplies, or the value of your zero-rated supplies is more than S$10 million for the past 12 months;
Good internal controls and records are maintained; and
Good compliance history with the IRAS and the Singapore Customs.
Need assistance with the above? Contact us now for a no obligation free quote.
Application for/ Renewal of MES/IGDS/ACMT status
From 1 January 2013, the IRAS Assisted Self-help Kit (ASK) must be completed when applying for the statuses or renewing of the schemes. The "ASK" is a self-assessment package for GST-registered businesses to manage their GST compliance.
However, you will require the assistance of a GST tax professional. This is because the IRAS ASK declaration form has to be certified by either:
(a) Your own in-house staff; or
(b) External tax professional,
who is accredited as an Accredited Tax Practitioner (GST) or Accredited Tax Advisor (GST) with the Singapore Institute of Accredited Tax Professionals (SIATP).
Generally, the application process for MES and other GST special schemes takes between 1 and 3 months to complete. For those who are applying for renewal of their MES/IGDS/ACMT statuses, it is imperative that the "ASK" is done in advance of the deadline given by the IRAS (4 months). Otherwise, you may risk losing your status.
GSTax Consultancy will be able to assist you in assessing your eligibility for the MES/IGDS/ACMT, and to apply/renew the statuses accordingly. Please feel free to contact us for more information.