The Major Exporter Scheme (“MES”) and Import GST Deferment Scheme are the most common GST schemes in Singapore to relieve companies of the cash flow cost of paying import GST to Singapore Customs and subsequently claiming it as input tax in the GST returns.
These import suspension schemes are important for companies especially when the GST rate has increased to 8% and will be increasing further to 9% on 1 January 2024. The IRAS can revoke the GST schemes if they are being abused.
Why is incoterm important when you purchase from local supplier? How to eliminate any errors when using MES and IGDS?
Come and join ISCA in this GST webinar to find out more:
- Learn how incoterm affects your import suspension scheme like MES and IGDS
- Identify common errors for the MES and IGDS
- Implement controls to prevent errors for MES and IGDS
A Highlight of Key Areas:
- Overview of MES and IGDS
- Approved use of the MES/IGDS status
- Why incoterm is important when you purchase from local supplier
- Importing goods as a section 33(2) and 33A agent
- When can you import goods on behalf of your local customer or GST registered overseas customer using your MES/IGDS status?
- GST risks on MES/IGDS and the controls that can be implemented
- Voluntary disclosure programme