Can your GST Treatment on Reimbursements and Disbursements withstand the scrutiny of IRAS? (On Demand)

Description

This webinar was recorded on 18 May 2020

Reimbursements and disbursements are often reviewed by IRAS during any audit process. The updated e-Tax Guide issued by IRAS provides more clarity on the GST Reimbursement and Disbursement of Expenses. With the updated e-Tax Guide, IRAS expects GST-Registered Businesses to have a sound understanding of the rules to determine the correct GST treatment.

Understanding the differences between reimbursements and disbursements is essential as they are treated very differently for GST reporting purposes. The incorrect treatment could result in underpayment of GST and possible imposition of penalties.

This webinar will give you a better clarity and understanding on the GST treatment of reimbursement and disbursement. Through the use of practical scenarios, exercises and case studies, you will also know how to determine the right treatment of GST for the recovery of expenses.

What you will learn

  • Find out how to establish whether the recovery of expense is a reimbursement or disbursement
  • Be able to ascertain the agent-principal relationship, differentiate between reimbursement and disbursement, and ascertain the GST treatment for the recovery of expenses
  • Minimise the possibility of costly penalties by ensuring the accuracy of your GST recovery of expenses/claims

Programme Outline

  • Difference Between Reimbursement and Disbursement
    • Are You an Agent or a Principal?
    • Taxable Supply and Non-Taxable Supply
    • Typical Reimbursement Scenario
    • Typical Disbursement Scenario
  • Determining Agent-Principal Relationship: The Indicators
  • Recovery of Expenses Which is Ancillary to a Primary Supply
  • Recovery of Expenses Which is Separate and Not Ancillary to Any Primary Supply
  • Recovery at Costs Or With Mark-Up: Is there a difference?
  • Updates and amendments in the IRAS e-Tax Guide on GST Reimbursement and Disbursement of Expenses

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.

  • Elearning
    • PD hours: 3
    Complete online at your own pace (Self-paced)
    • $278.20 incl. GST (7%)

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Recordings

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