Interested in attending? Have a suggestion about running this course near you?
Register your interest now
Description
With effect from 2020, GST will be applied on imported service in the context of business-to-business (“B2B”) transactions by way of a reverse charge mechanism. The taxation of business-to-consumer (“B2C”) transactions will take effect through an Overseas Vendor Registration (“OVR”) mode.
It is critical that organisations understand the impact of these changes to ensure that their staff and systems are well-equipped to comply with the new requirements. This webinar will give you a good understanding on the features of the reverse charge mechanism and the related registration and compliance rules.
Outline
Taxing Imported Services by way of an Overseas Vendor Registration Regime
- Business to Consumer (B2C) supplies of digital services
- Scope of digital services
- When is operator of electronic marketplace regarded as the supplier?
- GST registration requirements for overseas suppliers and overseas electronic marketplace
- Simplified Pay-only Registration Regime
Reverse Charge Mechanism
- Who is affected by reverse charge on imported services
- How reverse charge works and its impact on partial exempt businesses
- Types of services subject to reverse charge
- Transitional Rules
- Registration and reporting requirements
- Impact on inter-branch and intra-GST group transactions
- Practical challenges faced by organisations in accounting for reverse charge
What you will learn
- Have a good understanding of the Reverse Charge mechanism, its registration and compliance requirements
- Understand the features of the overseas vendor registration regime, and the related GST registration and reporting rules
Target Audience
- Finance Managers and Executives
- Accountants and Accounts Executive (involved with the preparation of GST returns)
- Anyone involved in GST compliance
Expert Speaker
Catherine Chiang is a Senior Consultant (GST) in Consul Biz Consultancy Services. She has previously spent 6 years in the IRAS, handling GST and Income Tax audit and almost 10 years with 2 of the Big Four international accounting firms, specialising in GST compliance and advisory work. During this period, she has accumulated extensive experience in performing GST prudential reviews, GST consultancy, GST compliance, GST audits and GST training for clients.
Catherine has a Bachelor of Accountancy (Honours) degree from the National University of Singapore. She is an Accredited Tax Advisor (GST) registered with the Singapore Institute of Accredited Tax Professionals and a member of the Institute of Singapore Chartered Accountants. Catherine is also an ACTA certified Trainer.