=

Account receivable and payable issues are critical for a company’s short term cash flow situation. Thus all efforts must be made to e= nsure prompt billing to the client as scheduled and money collection. Suppliers should not be paid any e= arlier than the negotiated time. Exp= enses and costs should be budgeted and paid carefully whenever possible to avoid unplanned payments that will disrupt the whole short term and long term cash flow situation.

2.1 &n= bsp; Managing Account Receivable Functions

2.1.1 Billings

2.1.1.1 Work-in-progress Billing

-&nb= sp; “project_no” is a code that is assigned to the project even before a proposal is written. For details on assig= ning a project number, please refer to “6.1.1 What must be included in the proposal?” Of the Sales SOP.

-&nb= sp; “yy/###” indicates the year the billing was done and the running number of the invoi= ce

-&nb= sp; the alphabet at the end indicates how many work-in-progress billing has been do= ne so far, including the current one.

-&nb= sp; e.g. MY/01/007/Payroll/02/070/B is the second billing (probably for the client’s approval of the functional specs) = for the same project no. MY/01/007/Payroll.&nb= sp; The running number of this invoice that is billed in year 2002 is no. 70.

2.1.1.2 Chargeable Expenses Billing<= /a>

Chargeable expenses are expenses that have been agreed by the client to be reimbursed to us.
Ideally, chargeable expenses should be billed for reimbursement from the client immediately after the staff returns from his/her business trip (e.g. business trip). If more than one trip is requ= ired for the same project, it should be negotiated with the client so that = we can bill for reimbursement at least once a month.
If the expenses incurred are not travel related = and the amount is less than $500.00, the expenses can be billed after the project delivery, together with the project fees billing (in separate invoices).
Invoice number format: project_no/EXP/yy/###/A where:

-&nb= sp; “project_no” is a code that is assigned to the project even before a proposal is written. For details on assig= ning a project number, please refer to “6.1.1 What= must be included in the proposal?” Of the Sales SOP.=

-&nb= sp; “EXP” indicates that this billing is for expense reimbursement =

-&nb= sp; “yy/###” indicates the year the billing was done and the running number of the invoi= ce

-&nb= sp; the alphabet at the end indicates how many chargeable expenses have been billed= so far, including the current one.

-&nb= sp; e.g. MY/01/007/EXP/02/070/P is the 16^th= expense claims to the same project no. MY/01/007. The running number of this invoice= that is billed in year 2002 is no. 70.

2.1.2 Collection=

The collection of payments on time has an important = impact on the short term and mid ter= m cash flow situation. Once the invo= ice is sent, efforts must be made to collect payments as soon as possible. Guidelines for payment collections= :

3.2.1 Three days after the in= voice is mailed, ask the project managers to follow-up with the client to make su= re they have receive the invoices and they have forwarded them to their finance department.

3.2= .2 = Once it is confirmed that = the invoices are now with the finance department, call the person-in-charge for= the payment to find out if they have all supporting documents that they need to process the payment. The person-in-charge should also be asked to give an indication on the time that they will need to process the payment.

3.2= .3 = Follow-up with the person-in-charge at the client’s finance department by phone again af= ter the indicated payment date, if the payment is still not received yet. Ask for a promised date of payment= again and follow-up with a fax/email reminder with a promised new payment date (1= ^st reminder). File the letter fo= r record.

3.2= .4 = Follow-up by phone again a= nd send black-and-white reminders for two more times (2^nd and 3rd reminders).

3.2= .5 = As soon as the 3^{rd
reminder is sent, the collection process should be escalated to different
parties. They will include:}

<= span style=3D'mso-list:Ignore'>-&nb= sp; project managers - to find= out from the client if they are dissatisfied with us and therefore are holding = up the payment. Our project mana= gers should ask for help from the project manager of the client’s side to chase for payment.

<= span style=3D'mso-list:Ignore'>-&nb= sp; The finance manager should call the head of the finance department at the client’s office to find out the reasons for the delay in payment and to chase for payment.

<= span style=3D'mso-list:Ignore'>-&nb= sp; Shareholders may be asked = to talk to the person at a higher rank of the client’s company to try to push for an earlier payment.

3.2= .6 = If payments are stilled not collected yet, we will send a warning letter (4^th reminder) indicating that the company will seek for legal advice to collect the outstanding payment if the payment is not received by a certain date. It is advisable not to send the wa= rning letter to offend the client if we are in the midst of negotiating new proje= cts with them. However, we should consider requesting more upfront payment or requesting for the outstanding amount to be paid first before the new project starts, if the outstanding amount is huge, to avoid more cash to be tied up with this problematic clie= nt.

3.2= .7 = File the case to the Court= for Small Claims (name?) if all means have been tried and it is certain that we will not be able to collect the payment through normal channels and make provisions for bad debt on the accounts. The outstanding amount should be written off as bad debts in the next financial year if the amount still can= not be collected by then.

<= /span>

2.2&= nbsp; &nbs= p; Managing Account Payable Functions=

= 2.2.1 &nbs= p; Credit Terms

Always ask for credit terms from suppliers whenever possible. =

If cash/cheques have been paid upfro= nt to purchase equipment/services for a few times, try to negotiate for credit terms. If credit is still not given, search for other suppliers who are willing to offer credits and use = it to re-negotiate for a credit term from a supplier who offers better prices.=

Always try to negotiate for better t= erms (e.g. from 7 days to 14 days, from 14 days to 30 days etc) once every half a year.

= 2.2.2 &nbs= p; Pay On Time

While we tend to delay payment to suppliers so that we can play around with the cash, we should bear in mind = that the delay should be within the legal boundary. Some of the advantages of paying o= n time are:

It provides a good track record for negotiating = for better credit terms and prices in the future.
Suppliers sometimes do share info. A customer with bad payment r= ecord may end of being boycotted by other suppliers as well.
It gives a healthy financial image to the public= .

2.3 &n= bsp; Managing Payments & Expenses=

2.3.1 Payment Methods a= nd their procedures

2.3.1.1 Cheque Payments=

2.3= .1.1.1 = A payment voucher must be issued together with each cheque and attached with supporting documents. Each payment voucher such has a se= rial number which has a format of “PV##/###”. For example, the serial number “PV02/010” represent the tenth cheque payment in Year 2002. PV stands for “P”ayment “V”oucher. See Ap= pendix ? of General Office Administration SOPs for a sample of the Payment Voucher= .

2.3= .1.1.2 = The Admin Assistant should check the figures on the supporting documents to make sure there is no calculation error and then sign on the “checked” space on the payment voucher.

2.3= .1.1.3 = The payment voucher (attac= hed with the supporting documents) will then be passed to the finance manager w= ho will make a final check on fund availability and any overlooked errors. The finance manager will then sign= on the “authorized” space to authorize the payment.

2.3= .1.1.4 = Once authorized, the cheque will be given to the bank signatory for signature. Note: a bank signatory should not = sign cheques for his/her own expense claim.

2.3= .1.1.5 = Once the cheques are signe= d, they can be distributed to the staff and mailed to the suppliers. The recipient should sign and date= for the receipt of the cheque at the “Received by” space on the pay= ment voucher. If the cheques are t= o be mailed to the recipients, the date of mailing should be filled in at the “Received By” space on the payment voucher.

2.3= .1.1.6 = Paid invoices and claims should be filed in the “Payment Voucher” folder in the order of= the Payment Voucher serial numbers.

&nbs= p;

2.3.1.22.3.1.3 &= nbsp; Cash Payments

2.3.1.3.1 &nb= sp; Withdrawal from ATM

Occasiona= lly, cash may be withdrawn and given to the person who is making the purchase. The staff must seek approval from = one of the shareholders before the purchase is made and the purchase is only limit= ed to the items that have been approved. If the approved item is out of stock and the staff would like to purchase an alternative item that will cost more, he/she should seek shareholder’s approval first. Supporting document for each withdrawal from ATM must be filed in the “S$ Bank Account” folder.

&nbs= p;

2.3.1.3.2 &nb= sp; Petty Cash

2.3= .1.3.2.1 = Cash purchases or reimbursement can be made from the Petty Cash box if the transaction amount= is less than S$20.00.

2.3= .1.3.2.2 = A supporting document and/= or receipt must be attached with a petty cash voucher and submitted to the Fin= ance Manager for approval. Once approved, cash can be given to the staff.

2.3= .1.3.2.3 = When the cash level falls below S$50.00, the person who is in charge of the petty cash reimbursement = should submit a spreadsheet with details of each reimbursement to the Finance Mana= ger together with the petty cash vouchers and receipts. A cash cheque will be issued to to= p up the petty cash level to $300.00

2.3.1.4      = The bank Direct Debit Serv= ice is mainly used for Salary Payment. If money needs to be transferred to the staff’s bank account o= n 28^th of each month, the company’s bank account needs to be debited one wor= king day (value date) before. The = bank instructions must therefore be delivered to DBS at least two working dates before the value date.

2.3= .1.4.2      = Steps to follow:

<= span style=3D'mso-list:Ignore'>-&nb= sp;        Each employee’s bank details and payment amount for the month must be keyed in to the DBS DPAY 2 software. <= /p>
<= span style=3D'mso-list:Ignore'>-&nb= sp;        Export the submission file into a diskette

<= span style=3D'mso-list:Ignore'>-&nb= sp;        Attached a signed (by the = bank signatory) print-out of the payment details as the supporting document.

<= span style=3D'mso-list:Ignore'>-&nb= sp;        Fill up and sign (by bank signatory) a 2-ply “Authorization Letter for Submission” <= /o:p>

<= span style=3D'mso-list:Ignore'>-&nb= sp;        All three items must reach= DBS Salary Credit Unit at 135 = Bukit Timah Road, #02-00, Singapore 229837 at least two working days before the value date.

<= span style=3D'mso-list:Ignore'>-&nb= sp;        The counter staff of the D= BS Salary Credit Unit will process the diskette on the spot and return last month’s diskette.

2.1.1.4.3 =          Note that, under normal circumstances, salaries of all permanent employees are p= aid via direct bank transfer (GIRO) with the following exceptional cases:<= /o:p>

<= span style=3D'mso-list:Ignore'>-&nb= sp;        Employees under probation = will be paid by cheque until they are confirmed.

<= span style=3D'mso-list:Ignore'>-&nb= sp;        Employees, who have or have been given notice to resign from the company, will be dropped from the mont= hly direct bank transfer list as soon as the notice is given and will be paid t= heir salaries by cheque.

&nbs= p;

2.3.1.5 Remittance

Payments = will be made via remittance only if the payees are overseas. A company stamp is required if the remittance is made out of the USD account. However, the company stamp is not required if the remittance is made out of the SGD account. In general, it is advisable to tak= e note if the payees would like to receive the invoiced amount net of any bank cha= rges from both sender and beneficiary sides.

&nbs= p;

2.3.1.6 Credit Card Pay= ments

The corpo= rate credit card is given to the shareholders only and is strictly used for small office purchases or overseas payments (as otherwise the cable charges will = be too expensive for remittance of such a small amount of payment) like payment for domain name renewals.

&nbs= p;

2.3.2 Payment Periods<= /a>

2.3.2.1 Bi-weekly payments

2.3= .2.1.1 = &nb= sp; Under normal circumstances, payments are processed by-weekly (in mid and end of the month) and made by cheques for local suppl= iers or by remittance for overseas suppliers.

2.3= .2.1.2 = &nb= sp; Before any payment is made, all invoices must be atta= ched with proper supporting documents (e.g. quotation or request for payment by = our staff, with one of the shareholders’ confirmation for the purchase/se= rvice). For cheque payment, follow section 2.2.1.1 for procedures. For remittance, follow 2.1.1.5.

2.3.2.2 Urgent Purchases/Services

2.3.2.2.1 = Should there be a need to make a purchase urgently, the person proposing the purch= ase must acquire the cost for such purchase/service as soon as possible and seek approval from one of the shareholders.

2.3.2.2.2 = Upon approval of the purpose, payment can be made in the following way:

<= span style=3D'mso-list:Ignore'>-&nb= sp; cheque payment is preferre= d if the supplier is willing to accept cheques.

<= span style=3D'mso-list:Ignore'>-&nb= sp; Nets or Cash (withdrawal f= rom SGD account) Payments if a Corporate ATM card holder (one of the shareholde= rs) is around but this payment method is not encouraged.

<= span style=3D'mso-list:Ignore'>-&nb= sp; Payment from the Petty Cash box if the amount is less than $20.00

&nbs= p;

2.3.2.3 Recurring Payments (Rental, Seasons Parki= ng, Utilities, Phone bill)

Monthly Payments

Parties

Usual payment date

Remarks

XXX

Pay end of the mth for the followi= ng mth

S$3,847.05

YYY

Pay end mth/mid next mth for the m= th after the next (e.g. pay end of April or mid May for June.

S$1,539.85

AAA

Due on 26^th of the mth<= o:p>

N/a

BBB

Due on 11^th of the mth<= o:p>

N/a

CCC

End of the month=

S$160.00

Quartly Payments<= o:p>

Parties

Usual payment date

Remarks

XXX

Pay in advance quarterly by end of March, June, Sept and Dec

USD256.68 x 3 mths

=3DUSD770.04

YYY

Seasons Parking for 2 vehicles. Pay in advance quarterly by end = of March, June, Sept and Dec

S$40/vehicle x 2 vehicles (LY+LH) = x 3 mths

=3D S$240.00

&nbs= p;

Yearly Payments

Parties	Usual payment date	Remarks
XXX	Dec for the following year<= o:p>	S$2,060
YYY	Dec for the following year?=	S$515.00
ZZZ	Dec for the following year?=	S$515.00

&nbs= p;

Other Recurring Payments<= /span>

Parties	Usual payment date	Remarks
XXX	Various

2.3.3 Different Types of Paym= ents

2.3.3.1 Human Resources related payments

2.3.3.1.1 &n= bsp; Salaries and bonuses=

This sect= ion focuses on the calculation of the salary, bonuses fees and Central Provident Fund (CPF) for different types of employees. For procedures for GIRO salaries payment, please refer to 2.1.1.4 of this standard operations procedure.

2.3.3.1.1.= 1 = Singaporeans

If the staff is a Singaporeans, he/s= he and the company are required to contribute CPF. 20% of the staff’s gross sal= ary should deducted for the employee’s contribution and the company will contribute 16% on top of his/her gross salary. Total amount to be submitted to th= e CPF board each month will be 30% of the staff’s gross salary for the month. For examples:

1) Gross Salary of a staff =3D $1,00= 0.00

2) Employee CPF to be deducted from = the gross salary =3D $1,000 x 20% =3D $200

3) Employer CPF to be contributed by= the company =3D $1,000 x 16% =3D $160

4) Net Salary to be paid to the staf= f =3D $1,000 - $200 =3D $800

5) Total amount of CPF to be submitt= ed by the company =3D $200 + $160 =3D $360

2.3.3.1.1.= 2 Permanent Residents

If the staff is a permanent resident= of Singapore, depending on the number of years that he/she has acquired the permanent residence (PR) status, the employee CPF and employee CPF contributions are different as follows:

1^st year permanent reside= nce

Employee CPF =3D 5%

Employer CPF =3D 4%

2^nd year permanent reside= nce

Employee CPF =3D 15%

Employer CPF =3D 12%

3^rd year permanent reside= nce or onwards

Employee CPF =3D 20%

Employer CPF =3D 16%

Apply the same method of calculation= for the amount of net salary to be paid to the staff and the total amount of CP= F to be contributed the staff’s CPF account.

2.3.3.1.1.= 3 Expatriates

The company is not required to contribute any CPF for the expatriates.&nb= sp; The expat staff will be paid the gross amount of his/her salary with= out any deduction for any CPF contributions.

2.3.3.1.1.= 4 Bonuses

The amoun= t of a staff’s annual bonus for the year is calculated by the his/her aver= age monthly gross salary over the year. CPF is required to be contributed for bonuses base on the calculatio= n method stated in points 2.2.4.1.1 and 2.2.4.1.2

&nbs= p;

For examp= le:

From Jan = to May, the staff was earning $1,000 per month

From June= to Dec, he/she was earning $1,200 per month

Annual bo= nus =3D ($1,000x5 + $1,200x7)/12 =3D $1,116.67

Employee = CPF to be deducted =3D $223.00 (rounded down to the last dollar)

Net bonus= to be paid to the staff =3D $893.67

Total amt= to be submitted to CPF board for the bonus =3D $1,116.67 x 36% =3D $402

&nbs= p;

2.3.3.1.2 &n= bsp; Subcontractor

As CPF contribution is only required for permanent and part time employees. Non-employees, i.e. individual who= is paid on a contract basis, will not be asked to contribute any CPF. As such, the subcontractor will be= paid the amount as stated on his/her contract.

&nbs= p;

2.3.3.1.3 &n= bsp; Staff Benefits=

2.3.3.1.3.= 1 Medic= al Expenses

The cap for claiming the visit to general practitioners is $20.00 per visit which can be claimed through petty cash (as the claim is less that $20.00).&n= bsp; The cap for claiming the visit to specialists is $50.00 which will h= ave to be claimed through cheque reimbursement.

The cap for “C” levels s= taff (i.e. CEO, COO, CTO and Business Development Director) for general practitioners and specialists are $50 and $100 per visit respectively. As the amounts are more than $20.0= 0, the claim will have to be reimbursed by cheque.

2.3.3.1.3.= 2 Hospitalization and Surgery (H&S) Insurance

Currently, only “C” level staff are provided with H&S coverage benefit= s (a cap of $400.00). Other staff = are not covered at this point of time. The company can arrange for paper work for the coverage, but the sta= ff will pay for their own premiums for the H&S coverage. Note that staff are encouraged to = take up the H&S coverage as the premium for a group plan is normally lower t= han any individual H&S plan.

&nbs= p;

The curre= nt plan for the company is Asia Care Mini Group Plan B and optional group major medical (additional coverage).

&nbs= p;

2.3.3.1.4 &n= bsp; Recruiting Costs=

2.3.3.1.4.= 1 Relocation

If reloca= tion benefit is offered to an expatriate, he/she is entitled to claiming any of his/her expenses that are related to his/her moving to the respective compa= ny office location where he/she is based.&nbs= p; The balance of the benefit will be paid to the staff.

&nbs= p;

The staff must fill in office expense form and claim= for the benefit and he/she will be reimbursed by cheque.

2.3.3.1.4.= 2 Buyout

In the case that the company would l= ike to buy out a potential employee, he/she will need to get an official letter= (on letterhead) from his/her current company indicating the buyout amount and t= he person’s last day at the company after the buy-out. The hired person must also first s= igne an offer letter indicating his/her intention of joining the company before = the buy-out is paid. After an off= icial letter from the current employer and the signed offer letter from the hired person is provided, the company will then issue a cheque directly to the company.

2.3.3.1.4.= 3 Referral Fee

Fees of headhunters/employment agents range from 1.2 months of gross salary to 20% of annual package. When negotiating with the headhunters/employment agents, we should try to bargain the referral fees d= own to one-month salary, whenever possible.&nb= sp; Also, we should request to split the fees payment by two installments – 50% upon hiring and final 50% one month later or even after the per= son completes the probation period.

2.3.3.2 Expense Claims

Under normal circumstances, claims w= ith amount that is more than $20.00 (claims with amount less than $20.00 will be reimbursed via petty cash) submitted before 1^st of the month wil= l be reimbursed by cheque mid of the month.&nbs= p; Claims submitted between 1^st and 15^th of the m= onth will be reimbursed by cheque end of the month.

2.3.3.2.1 &n= bsp; Chargeable Expense Claims=

They are project-related expenses that has been agreed by the client to be reimbursed to us. They are typically travel expenses incurred by our developers and project managers who travel to the client’s office (overseas) to have meetings with them or manage the projects at the client’s site. Procedures for this type of claim are:

For travel expenses=

Glue/staple/tape all receipts onto white plain A4 papers.
Attach the receipts with the travel expense form (see appendix ? for a sample). Expenses without receipts should be listed in the travel expense form as well.
Fill in the project number that is related to the trip.
If the claim amount involves a combination of S$= and foreign currencies, leave the conversion to S$ to the admin department= and just provide the total figures for each currency at the bottom of the travel expense form.
Submit one travel expense form per trip.
Submit a separate travel expense form if other travel expenses are incurred in the same trip but are not project-rela= ted.
Submit claim forms to the Admin Department for processing.

For Other expenses<= /o:p>

If the expenses that the client agrees to reimbu= rse us are not travel expenses, use the office expenses claim forms (see Appendix ?? for a sample) instead.
Glue/staple/tape all receipts onto white plain A4 papers and attach them with the office expenses claim form =
Fill in the project number that is related to the expense.
Submit separate office expenses claim forms for chargeable expenses incurred for different projects =
Submit claim forms to the Admin Department for processing.

2.3.3.2.2 &n= bsp; Non-chargeable Expense claims=

For travel expenses=

Staff members are not required to glue/staple/tape the receipts onto papers if the claims are not chargeable to any client.

Attach the receipts with the travel expense form (see appendix ? for a sample). Expenses without receipts should be listed in the travel expense form as well.
Convert the foreign currency into S$ and indicate the rate that is being used.
Submit one travel expense form per trip
Submit claim forms to the Admin Department for processing.

For Other expenses<= /o:p>

Staff members are not required to glue/staple/tape the receipts onto papers if the claims are not chargeable to any client.
Attach the receipts to the office expenses claim form

Submit claim forms to the Admin Department for processing.

2.3.4 Allocation of Fund for Expense Payments

2.3= .4.1 = All expense claims and invoices pending payments (except reimbursement through petty cash) must be filed in the “Account Payables” folder under the “Pending Payment” section when they are received by the Finance Department.

2.3= .4.2 = The Finance Manager will allocate the payment date for each invoice and claim in the short term cash flow spreadsheet (See Appendix ? for sample) and then sign on the bottom ri= ght hand corner of the invoice/claim form.

2.3= .4.3 = The short term cash flow situation is reviewed constantly. 1-day before the cheques are issued, the Finance Manager will make a final decision (to hold or to proceed with payment) on each invoice/expense claim. A Payment Allocation Spreadsheet will be prepared and given to the Admin Assistant to issue cheq= ues.

2.3= .4.4 = Based on information on the Payment Allocation Spreadsheet, the person who is in-charge of maintaining = the “Account Payable” folder will move the approved upcoming paymen= ts (invoices & expense claims) to the “Next Payment” and use t= he invoices/office claim forms as the supporting documents to be attached with= the payment vouchers.

2.3= .4.5 = Any payments that are to be held until further notices will be kept in a “Held Payments” folder.

2.3.5 Budgeting and short ter= m cash flow

Managers of each department need to come up with a half-year budget quarterly so that a half-yearly plan for the company’= ;s short term cash flow can be created and updated quarterly. The purpose of the half-yearly pla= n is to give the company shareholders an idea of how much fund (working capital) that the company should hold for the coming half a year. Any excessive fund should be inves= ted in some safe and stable financial tools to gain returns.

In order to prepare the budget, the department mana= gers need to plan for any upcoming activities, purchases, and recruitments etc, = for the department in the coming two quarters.= The expected expenses will be used to offset any confirmed incoming = fund (income and investment). The working capital needed for the upcoming half a year will be determined. (See Appendix ? for a sample of the operational cash flow spreadsheet with budgeted costs incorporated).

2.3.6 Managing Long Term Cash= Flow

3 = Updating the Accounts

As soon as the cheques are issued once every two we= eks, the MYOB Accounting Software should be updated accordingly to reflect an accurate profit/loss financial status.&nbs= p; The cash account should be reconciled and the accounts should be clo= sed monthly. The following report= s should be printed out for shareholders’ information after the accounts are updated:

§§§§

4 = Ma= naging Auditing of Accounts

The accounts for the financial year ending 31^st December of the year need to be closed and final adjustments to be made in around January of the following year. Appointments should be made with the auditor for the fieldwork as ea= rly as March. The following documents and information should be ready for the yearly audit:

Balance Sheet for the year
Profit Loss Statement= for the year
Aged Receivable as of= 31^st Dec of the year
General Ledger for ea= ch accounts
Reconciliation Reports for both the SGD and USD bank accounts
Bank Statement Folder= for both the SGD and USD bank accounts
Payment Vouchers Fold= er
Payroll Folder

&nb= sp;

The audi= tor will spend about 4 days at our company for the audit fieldwork and will ask for additional documents besides the above listed documents. We should keep a copy of the docum= ents that are given to the auditor for record.

&nb= sp;

The audi= ted report will normally be ready by April for directors’ signatures.

5 = Managing Tax Filing

5.1 = ECI submission in Jan

As soon as the financial year is ended, the Estimat= ed Chargeable Income (ECI) figures should be prepared and sent to the tax agent for their comments. The ECI s= hould be filed latest by 1^st of January (?) in order for the company to benefit from the payment of corporate income tax over a maximum number of 10 installments.

5.2 = Tax Filing

As soon as the audit is completed and the audited report is ready, corporate tax should be filed immediately especially if excessive tax has been paid and we are waiting fo= r a refund from the Inland Revenue.

5.3 = GST Filing quarterly

The Goods and Services T= ax (GST) filing has to be done for each quarter of the financial year (i.e. Ma= rch, June, September, December). T= he comptroller of GST gives a grace period of one month for the GST filing i.e. GST must be filed by April, July and Oct and January.