MES status granted on a 5 yearly basis
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 assistance on MES, please feel free to contact us at 6652 5509 or email: Ask@GSTaxConsultancy.com