Singapore legislation
Regulation 68
Regulation 68
Cash accounting scheme
Subregulation 1
Where —
the Comptroller is satisfied that, due to the nature, volume, and value of the taxable supplies (other than reverse charge supplies) made by a taxable person and the nature of the accounting system employed by that person, it would be appropriate for that person to account for tax under a cash accounting scheme; and
the taxable person is eligible to apply for approval under regulation 69,the Comptroller may, subject to this Part and to such conditions as the Comptroller may impose, grant an approval for the taxable person to account for tax in accordance with the scheme.
Subregulation 2
Under the cash accounting scheme, the operative dates for tax accounting purposes are as follows:
for output tax, the day on which payment or other consideration for the supply is received or the date of any cheque for the payment or consideration, if later;
for input tax, the date on which payment is made or other consideration for the supply is given, or the date of any cheque for the payment or consideration, if later.
Subregulation 3
Despite paragraph (2), where a taxable person that is approved under regulation 69 is, under section 38A of the Act, a customer that is required to account for and pay tax chargeable on a relevant supply of goods or services as if the customer were the supplier, then, under the cash accounting scheme, the operative date for tax accounting purposes for both output tax and input tax for such supply is the day on which the supplier receives payment from the customer of the amount of the value of the supply, or the date of any cheque for the value, if later.