The Inland Revenue Authority of Singapore (IRAS) has updated its guidance on the Current Area of Focus for Audits for GST-registered businesses, which includes the addition of information on the application of the "Knowledge Principle" in relation to input tax and Missing Trader Fraud arrangements.
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The Knowledge Principle (New)
From 1 Jan 2021, you will not be entitled to any input tax on any purchase which you knew or should have known to be a part of a Missing Trader Fraud arrange…