PwC Budget Seminar

[Pages:58]sg

Striking the right balance

PwC Budget Seminar 1 March 2013

- GST Compliance Initiatives

Agenda

? IRAS Compliance Framework ? Areas of risk in GST ? GST compliance initiatives ? Assisted Self-help Kit (ASK) ? Correcting past errors and the IRAS Voluntary Disclosure

Programme

PwC

Singapore Budget 2013 ? GST Compliance Initiatives

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IRAS Compliance Framework

Errant Penalise & Deter

Willing to comply but require assistance

Negligent Unaware

Detect & Reform Educate & Prevent

Voluntarily Compliant

Assist & Serve

TAXPAYER BASE

PwC

Singapore Budget 2013 ? GST Compliance Initiatives

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IRAS Compliance Framework

Reasons for IRAS focus on GST

Year ended 31 March

2000

No of registered businesses Total tax collected by IRAS Income tax collected GST collected GST as % of total tax

Tax and penalties from GST audits

57,658 $16.2 bln $10.1 bln $2.0 bln

12.3%

$22.8 mln

2012

84,090 $38.4 bln $20.3 bln $8.7 bln

22.6%

$80.0 mln

Re: IRAS Annual Report

PwC

Singapore Budget 2013 ? GST Compliance Initiatives

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GST compliance initiatives

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