ASK: Section 3 - Annual Review

Key requirements

The five steps review annual declarations, select returns covering at least three consecutive months, inspect listings and sampled evidence, reconcile financial statements, and quantify and disclose errors. Qualifying disclosure within one year of the statutory filing date of the final return for the reviewed financial year can receive the stated 5% penalty waiver; later qualifying disclosure has the reduced 5% tax-undercharged penalty. VDP conditions and exclusions still apply. Correct errors promptly using F7 or a qualifying administrative concession and submit the review findings and declarations. Where ASK is compulsory for a scheme, the accredited reviewer or certification route has additional requirements. Keep working papers: IRAS can expand its checks, and further errors found by IRAS do not qualify merely because an ASK review was undertaken.