Singapore’s New GST Regimes in 2020 : Overseas Vendor Registration and Reverse Charge

Description

Singapore has implemented two new Goods and Services Tax (GST) regimes with effect from 2020, both covering the provision of certain imported services by foreign companies where the recipient of the services is resident in Singapore. Previously no GST was charged on certain imported services procured from overseas suppliers. Under the new regimes, foreign suppliers may be liable to register for GST in Singapore and a business that is belonging in Singapore may be liable to apply GST via a reverse charge mechanism on imported services.

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 practical understanding on the features of both the reverse charge and Overseas Vendor Registration regimes.

Programme 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.

  • Jun 16
    Tue, 10:00 AM SGT - Tue, 1:00 PM SGT Online
    • $278.20 incl. GST (7%)
    • PD hours: 3

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One-Connection-One-Fee

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Recordings

Like the topic but can’t make the time? Register for the Live Session and you’ll receive the Recording regardless! You can watch it as many times as you like for up to 6 months. You will also receive Supporting Documentation.