A Practical Guide to Goods and Services Tax (GST): Understanding the Essential Concepts and Avoiding the Common Pitfalls

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Description

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This workshop is designed specifically to give Tax Accountants and Accounting & Finance Personnel an overview of the Singapore Goods and Services Tax (“GST”) system and a practical understanding of the fundamentals and important concepts of GST.

You will understand how the GST rules and regulations apply to business transactions and avoid costly GST errors. As GST is a transaction-based tax, GST errors (if any) are generally recurring if the business transactions remain largely the same. With the knowledge, it further mitigates the GST risk with early detection of errors for timely rectification.

Programme Outline

• Overview of Singapore GST regime
• Scope of GST
• Mechanism of GST
• Types of supplies
• Place, time and value of supply
• Conditions governing input tax claim and disallowed expenses
• Definition of input tax claims
• Supporting documents required
• Timing of claiming
• Bad debts relief
• Specific disallowed expenses
• Partial exemption
• Common GST issues
• Fringe benefits / family benefits
• Gifts
• Recovery of expenses -disbursements Vs reimbursement
• Secondment of staff
• Deposits
• Debit and credit notes
• Foreign currency invoices  
• Exports of goods
• International services
• GST reporting (GST F5)
• Preparation of amended GST returns (GST F7)

What you will learn

By the end of this workshop, you will:

• Have a good understanding of the practical issues arising from the current GST regime
• Have a good grasp of basic GST concepts in compliance with the Goods and Services Tax Act
• Have a practical understanding on how a GST returns is prepared

Target Audience

Accountants and Tax Professionals

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 Chartered Tax Professionals and a member of the Institute of Singapore Chartered Accountants. Catherine is also an ACTA certified Trainer.