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Every year, around 3,000 GST-registered businesses are selected for audit and the most common mistakes discovered are incorrect input tax claims. On average, more than $18,000 in GST and penalties are recovered yearly from each business due to errors in input tax claims alone.
A good understanding of input tax recovery rules is critical in delivering optimal GST recovery/claims whilst mitigating the risk of penalties. With a clear understanding of these rules, you will know how to examine the conditions that determine when GST can be recovered and how to correctly post the accounting entries for purchases by applying the correct tax treatment for each transaction.
This programme is designed specifically to give Accounting and Tax Professionals more clarity to the key areas of concern on the recovery of GST on purchases.
The Fundamental Building Blocks
Input Tax Recovery Rules
When can GST be Claimed
Determining the Amount of GST to Claim
Common Errors on Input Tax Claims
Recent Updates and Practical Issues to consider during the COVID-19 period (including the IRAS COVID-19 GST Guidance)
Practical examples and cases will be used to facilitate learning and understanding for the various sections.
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.
This is a face-to-face event, to be conducted on 13 October 2020.