Post ACAP Review (PAR) in Singapore: Complete Guide for GST-Compliant Businesses
If your company has obtained ACAP status in Singapore, completing a Post ACAP Review (PAR) is not optional—it is a regulatory requirement. Understanding the scope, deadlines, and best practices for PAR ensures your business remains compliant while minimising GST risks.
In this guide, we break down everything you need to know about PAR, including timelines, requirements, and how professional firms like WLP can support your compliance journey.
What is a Post ACAP Review (PAR)?
A Post ACAP Review (PAR) is a mandatory review process required after a company is awarded ACAP status under the GST compliance framework by Inland Revenue Authority of Singapore.
The purpose of PAR is to:
- Verify the accuracy of past GST filings
- Identify potential reporting errors
- Ensure that GST controls remain effective after ACAP certification
Businesses must submit the GST F28 – Post ACAP Review Declaration upon completion.
PAR Timeline and Key Deadlines
Companies must adhere to strict timelines when conducting their PAR:
- First PAR: Must be completed within 18 months from the date ACAP status is granted
- Second PAR: Typically required before the expiry of ACAP status
Missing these deadlines can expose businesses to compliance risks and potential penalties.
Who Can Perform a PAR?
Businesses have two main options:
- Internal Team
Companies may conduct the PAR internally if they have:
- Strong GST knowledge
- Proper internal controls
- Experienced finance or audit personnel
- External GST Specialist
Engaging a professional firm is often preferred, especially for complex structures.
For companies under schemes like:
- Major Exporter Scheme (MES)
- Import GST Deferment Scheme (IGDS)
The PAR must be reviewed or certified by an accredited tax professional.
Scope of a Post ACAP Review
A proper PAR involves a detailed examination of GST activities, including:
- Reviewing past GST returns for discrepancies
- Comparing GST filings against financial records
- Testing selected transactions for accuracy
- Identifying reporting errors and risk areas
The review typically focuses on high-risk periods, such as:
- Staff turnover in finance teams
- System or process changes
- Significant business transactions
Why PAR is Important for Your Business
Conducting a thorough PAR offers several benefits:
Ensure Ongoing GST Compliance
Maintain alignment with Singapore tax regulations and avoid non-compliance.
Identify and Correct Errors Early
Errors discovered during PAR can often be corrected with reduced or waived penalties under voluntary disclosure schemes.
Strengthen Internal Controls
Improve financial processes and reduce future GST risks.
Common Challenges Businesses Face
Many companies struggle with PAR due to:
- Lack of in-house GST expertise
- Tight deadlines and resource constraints
- Complex GST treatments (e.g. cross-border transactions)
- High fees from previous ACAP reviewers
Some businesses also seek a second opinion when:
- They are dissatisfied with prior consultants
- Costs are too high
- They need deeper technical GST advice
How WLP Can Help with PAR
Engaging a reliable partner like WLP can significantly simplify your PAR process.
Why choose WLP?
- Experienced in Singapore GST compliance
- Strong understanding of IRAS requirements
- Cost-effective alternative to large consulting firms
- Tailored support for SMEs and growing businesses
Services include:
- End-to-end PAR review and documentation
- GST error identification and correction
- Assistance with GST F28 submission
- Advisory on improving GST controls
With WLP, businesses can complete their PAR confidently while focusing on core operations.
Should You Engage a New PAR Reviewer?
You may consider switching providers if:
- Your previous reviewer did not meet expectations
- The quotation is not cost-efficient
- You require specialised GST expertise
Working with a new firm can provide fresh insights and potentially uncover overlooked issues.
Final Thoughts
The Post ACAP Review (PAR) is a critical step in maintaining GST compliance after achieving ACAP status in Singapore. While it may seem like a routine requirement, a poorly executed PAR can lead to financial and regulatory risks.
By understanding the requirements and working with experienced professionals like WLP, businesses can turn PAR into an opportunity to strengthen compliance, optimise processes, and safeguard against future issues.