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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 from 22 Jan 2009 to 31 Mar 2019 (both dates inclusive).

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 submit the Statement of Claims on a half-yearly or yearly basis as long as the claims are made within 5 years from the end of the respective quarters.

Example:

Period of claims: 1 Apr 2012 to 30 Jun 2012

Qualifying funds can submit the Statement of Claims latest by 30 Jun 2017

Source: IRAS


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