Dear Valued Clients,
We hope you enjoyed your Lunar New Year holiday!
GST is fast-approaching and we also hope that preparation is going well. If you have already purchased a GST-approved accounting system, it is time to make sure that all the tax codes are set properly. We also highly recommend that you test the system thoroughly to ensure that it will meet your needs.
Once again in this issue of our monthly newsletter, we wish to inform you of the following updates:
- Form-E filing requirement: Update for dormant companies (including companies that have not commenced business).
- Special refund of sales tax on goods held in hand: The GST rules provide for companies that have incurred Sales Tax, either directly or indirectly, to make a once-in-a-lifetime claim for a refund. If you think you are eligible for a claim, you need to ensure that a stock-count is carried out on 31st March 2015 and you will need either a Chartered Accountant or approved Company Auditor to sign-off. For this purpose, we have attached a detailed guide below for your reference.
(1) Dormant Companies Form-E Filing Requirement
With effect from YA2014, all companies, including dormant and companies which have not commenced operations, must submit Form-C and -E by their respective stipulated deadlines as set out below:
- Submission of Form-C: due on the last day of the 7th-month following your financial year-end date.
- Submission of Form-E: due on 30 March 2015 (with grace period of 3 days if submitted by post and 1 month if submitted online)
Please note that any form-E received after the grace period shall be deemed late and the Company shall be liable to a compound under paragraph 120(1)(b). The above-mentioned grace period is not applicable to submission by hand.
Companies that do not currently have any employee should also declare in the form that the number of employee is zero.
To read further, please download “Filing Programme for ITRM in the Year 2015” by clicking the image and refer to paragraph 2. (for Form-C filing) and paragraph 3.(for Form-E filing).
(2) Special Refund of Sales Tax on Goods Held-In-Hand
This special refund is only available to a GST-registered person who has paid sales tax on his inventories held on 1 April 2015. Sales tax paid on the acquisition of capital assets however, are not refundable.
To assist in your decision on whether or not the refund shall be claimed, we have summarized the term to the special refund, as well as key considerations relevant to such decision-making process. To download our guide to the special refund, please click on the image to the right.