WebNov 29, 2015 · 24 November 2015. On 20 November 2015, the Inland Revenue Authority of Singapore (IRAS) issued the second edition of the e-Tax Guide, “GST: Guide for motor vehicle traders”. This Guide is for GST registered businesses selling new and/or second-hand motor vehicles and explains the GST treatment applicable to motor vehicle traders … WebApr 17, 2024 · The GST-registered insurance company can claim deemed input tax on Cash Payments made under insurance policies that are subject to GST and issued to prescribed policyholders. For a motor car insurance contract, an insurance company may choose to repair, reinstate or replace an insured motor car instead of making a Cash Payment.
GST treatment for motor vehicle traders Archives - TAX@SG
WebJan 31, 2024 · Overview. As a GST/HST registrant, you recover the GST/HST paid or payable on your purchases and expenses related to your commercial activities by claiming input tax credits (ITCs). You may be eligible to claim ITCs only to the extent that your purchases and expenses are for consumption, use, or supply in your commercial activities. WebApr 29, 2024 · The IRAS has provided certain indicators that may be used to determine whether there is a close nexus to the employer’s business activities. The GST-registered employer has catered food or beverage free to the employees. how many years after foreclosure conventional
IRAS issues e-Tax Guide, “GST: Guide for motor vehicle traders …
WebInland Revenue Authority of Singapore("IRAS") has published the following update pertaining to the tax treatment of motor vehicle expenses on 13 August 2015. Tax Treatement of … WebApr 27, 2012 · I am going to report this dealer to IRAS. Link to post Share on other sites. StreamRSZ. 4th Gear April 26, 2012. StreamRSZ. 4th Gear; 907 Share; April 26, 2012. Recently been to one used car dealer in turf city trying to charge me GST on my 2nd hand car purchase. ... In actual fact, there is GST to be paid for used cars. ... WebTax Deductibility of Expenses. Now, for the sake of clarity, tax deductible expenses refer to the business costs that the IRAS excludes from the taxable income of companies in Singapore. That means you won’t be charged any taxes on them. Non-deductible expenses, on the other hand, are included in your corporate income tax bill. photography cape town