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 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.
Simplified Statement of Claims
Qualifying funds only need to complete a 3-line statement of the GST claims instead of providing a detailed breakdown of them. The breakdown of the GST claims and other supporting documents need not be submitted unless requested by IRAS.
Submission of Statement of Claims via myTax Mail
Qualifying funds may access myTax Mail by logging in to myTax Portal. Please note that CorpPass* will be required for login before you can submit the Statement of Claims via myTax Mail. You may refer to the user guide(490KB) on how to submit the Statement of Claims via myTax Mail.
* CorpPass is expected to roll out in Jun 2018.
Submission of first Statement of Claims
With effect from 1 Jul 2018, qualifying funds submitting their Statement of Claims for the first time are required to provide the following documents together with their Statement of Claims:
Approval letter from MAS (except those funds under 13C, 13G, 13CA and DUT)
MAS annual declaration / self-assessed declaration form (if any)
Appendix 1 of the simplified Statement of Claims