ASK or Assisted Self-Help Kit Review and MES or Major Exporter Scheme
ASK or Assisted Self-Help Kit Review has to be performed and approved by IRAS before Major Exporter Scheme or MES is awarded. MES is to cater to businesses with huge imports which will be exported later. Since these imports will be Zero Rated when exported, MES allows the Business to suspend the payment of GST import instead of getting it to pay for the import GST upfront (at the point of importation at Customs) and then claiming a refund on the import GST from IRAS via GST filing. This is to ease the cash flow of the Businesses as they need not pay the import GST upfront.
In order to qualify for MES, the following conditions must be satisfied:
- The Business’ Zero Rated supplies is more than 50% of the total supplies, or the value of Zero Rated supplies is more than SGD10 million for the past 12 months;
- The Business must maintain good internal controls and proper accounting records; and
- The Business maintain good compliance records with IRAS and Singapore Customs.
To apply for MES, the Business must complete the GST F10 Application Form and carry out one of the following:
- Perform a review under the Assisted Self-Help Kit (ASK) and submit the certified ASK declaration form;
- Participate in the Assisted Compliance Assurance Program (ACAP); or
- Perform a Post ACAP Review (PAR) and submit the PAR Declaration GST Form F28 for business which already has a valid ACAP status.
Once the Business has been granted the MES status, it is valid until IRAS notifies the Business to renew.
Abuse of MES Status
IRAS can show that you abuse your MES status, you may be heavily penalized, made to pay the GST which you should pay and may also lose your MES status. imposed on you and/or your MES status.
Issuing of Invoices
For sales invoices, you can select one of the templates offered by Quickbooks Online Accounting Software. The Colour and Logo of the company can be customized. You can also add notes and footer to the invoices. Quickbooks allows more customization for invoices than Wave Accounting Software. For example, you can select the template which is “Window Envelope Compatible” or show “Billable Hours and Rate” of employee in relation to the invoice.
Recurring invoices can be easily duplicated from the original invoice and scheduling of recurring invoices can be easily performed. Mobile apps allow you to send your fee estimates and invoices directly from your mobile devices.