Singapore legislation
Regulation 75
Regulation 75
Accounting while in scheme
Subregulation 1
Except in the circumstances set out in regulations 71, 72 and 73, tax shall be accounted for and paid to the Comptroller by the due date prescribed for the accounting period in which payment or other consideration for the supply is received.
Subregulation 2
Input tax may be credited either in the prescribed accounting period in which payment or consideration for a supply is given, or in such later period as may be agreed with the Comptroller.
Subregulation 3
An approved person shall obtain and keep for the relevant period a receipted and dated tax invoice from any taxable person to whom he has made a payment in money in respect of a taxable supply (other than a reverse charge supply), and in such circumstances a taxable person must on request provide such a receipted and dated tax invoice.
Subregulation 4
In this regulation, “relevant period” means —
where the prescribed accounting period during which the payment in money referred to in paragraph (3) was made ends before 1st January 2007, a period of 7 years after the end of that prescribed accounting period or such shorter period as the Comptroller may allow; or
where the prescribed accounting period during which the payment in money referred to in paragraph (3) was made ends on or after 1st January 2007, a period of 5 years after the end of that prescribed accounting period or such shorter period as the Comptroller may allow.