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A GST registered supplier is obliged to collect the GST paid by its purchaser and pay the GST to the Comptroller of Goods and Services Tax (CGST).

The recent Draft Goods and Services Tax (Amendment) Bill 2020 (the “Draft Bill”) authorises the CGST to deny input tax claims by suppliers in the supply chain who are not directly involved in MTF and the law introduced by the Draft Bill is expected to come into effect on 1 January 2021.

In this seminar, expert speaker Liu Hern Kuan, who currently represents clients affected by MTF, will outline legal and practical issues surrounding MTF and carousal fraud, including when a supplier knew or ought to have known that a supply was part of a fraudulent arrangement under the current law and under the new framework.

Programme Outline

1. Introduction to Missing Trader Fraud ("MTF") and Carousal Fraud

  • What is MTF and Carousal Fraud and the GST regime applicable
  • Two Parts of the Chain: Input Tax and Zero-Rating
  • Singapore's Experience with MTF
  • Customer Accounting to Combat MTF

2. Denial of Input Tax Claim: Law Applicable

  • The Pre-Amendment Position
  • The UK/ EU Position
  • The Proposed Legislation
  • Steps to Protect Yourself
  • Appeal process to the GST Board of Review

3. Criminal Prosecution Liabilities

  • GST offences applicable
  • Criminal prosecution process

4. Q&A

What you will learn

  • Learn how MTF and Carousal Fraud takes place;
  • Find out the legal rights of an innocent trader in a supply chain contaminated by MTF
  • Understand the scope of the proposed legislation and how an innocent trader may ensure that his input tax claim may be allowed in a supply chain
  • Appreciate the legal processes involved in criminal defence and appeals to the GST Board of Review

Target Audience

  • Tax practitioners
  • Finance practitioners
  • Accountants
  • Commercial Directors

Expert Speaker

Liu Hern Kuan
Head of Tax, Tan Peng Chin LLC

Hern Kuan has wide experience in Revenue Law, having lectured in it at the Law Faculty in NUS, practiced as a tax manager in Big-4 accounting firms and as head of tax in a major law firm. He was also the Chief Legal Officer of the Inland Revenue Authority of Singapore (IRAS) for 10 years. While at IRAS he represented the Comptroller of Income Tax in the leading case on tax avoidance, AQQ v CIT.

Hern Kuan’s tax practice is largely focused on civil and criminal disputes with IRAS and tax planning and structuring, both domestic and international tax.

He has presented many seminars on tax law and was an associate staff lecturer on tax planning and international tax at SIM university.

This is a face-to-face event, to be conducted on 25 November 2020.

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