SINGAPORE - The Aljunied-Hougang Town Council (AHTC) will transfer about $6.6 million to its Sinking Fund bank account, said its independent auditor KPMG.
That is the amount of input tax AHTC claimed on Sinking Fund expenditures for the financial years 2011/2012 to 2015/2016, said KPMG in its monthly progress report released by AHTC on Thursday (Nov 16).
Input tax refers to the amount of GST that businesses incur on their purchases and expenses.
Businessses that meet the conditions for claiming input tax can do so. These conditions include being GST-registered, and using the goods purchased for one's own business.
The town council has informed KPMG that it intends to transfer $6,622,610 - the input GST claimed - to the Sinking Fund.
In doing so, AHTC has resolved one audit point relating to its taxes.
To date, the Workers' Party-run town council has resolved 13 of 17 financial and governance problems flagged in past audits.
KPMG also said AHTC completed the second phase of data migration of accounts to its replacement accounting system on Oct 27.
The town council provided the migrated data to KPMG on Nov 6, which the auditor is now reviewing.
KPMG was appointed to look into AHTC's books after the Auditor-General's Office found significant governance lapses in a special audit.