Under a self-assessment system, GST-registered businesses who act as GST collection agents on behalf of the Comptroller of GST need to understand the rules and regulations to manage GST risks and avoid costly GST errors. The Inland Revenue Authority of Singapore (IRAS) has five years to recover any GST under-accounted for or over-claimed by GST-registered businesses. Hence, early detection of errors for timely rectification is key to ensure accurate GST reporting and to avoid the imposition of fines and penalties by the IRAS.
As GST is a transaction-based tax, GST errors are generally recurring since the activities of a business usually remain largely the same. To manage GST risks, it is imperative for businesses to understand the fundamentals of GST and how the GST rules apply to the business transactions. This workshop covers the fundamental GST rules with practical examples and case studies enabling opportunities for discussions.
Participants will also learn latest updates on GST (e.g. recent changes to guidelines released by the IRAS).
Topics covered in the GST workshop will include:
- Overview and Mechanics of GST
- Place, Time, Value and Types of Supply
- Output tax / Deemed supplies and gifts
- Export of Goods and International Services
- Input tax claim conditions, Disallowed claims
- Reimbursements and disbursements
- Recent GST updates (e.g. Fringe benefits)
- Common errors and case studies
Date: Monday, 21 August 2017
Time: 9 am to 1 pm
Venue: Nanyang Room, BDO Tax Advisory Pte Ltd, 600 North Bridge Road, #23-01 Parkview Square, Singapore 188778
Who should attend: Tax professionals, Accounting and Finance professionals with GST responsibilities or staff who are involved in the preparation of GST returns.
Fee*: S$120 (BDO Clients / BDO Alumni / SIATP members) | S$150 (Public)
*Companies (with financial year-end August 2017 to December 2017) can claim enhanced tax deductions or a cash payout of total registration fees under the Productivity and Innovation Credit (PIC) Scheme. For more information, please visit the IRAS website at https://www.iras.gov.sg/irashome/Schemes/Businesses/Productivity-and-Innovation-Credit-Scheme/.
The organiser reserves the right to change the venue, date and programme due to circumstances outside our control. Registration is on a first-come first-served basis and you will be inform via email (nearer the event date) when your registration is confirmed. Actual time and duration may differ slightly.