The Inland Revenue Authority of Singapore (IRAS) has updated its guidance on the Current Areas of GST Audits. Updates include enhancements for readability and the inclusion of additional sections on what taxpayers should do and the consequences of involvement/errors for each of the areas of audit.
Missing Trader Fraud Arrangements
- Taxpayers must conduct proper due diligence on all business dealings and carefully scrutinize the legitimacy of purchases to avoid being drawn into Missing Trad…