Recent Practical GST Challenges at the Workplace

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Description

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While most of us have been telecommuting since the circuit breaker in early April 2020, technology advancement and industry knowledge gained has supported the intensity of IRAS GST audit focus on routine areas as well as targeted industries.

It is therefore timely that the presenter will be sharing how GRBs should stay relevant in revisiting the fundamentals, GST gaps commonly missed out due to lack of team work, understand the importance of working closely with colleagues, tools and skill sets to gather collectively to gradually close and minimise GST gaps.

Programme Outline

• Revisit the Fundamentals
  • Summary of the “To know” of GST [e.g. supply/purchase (goods & service)]
  • Essential business knowledge
  • Key factors of the business eco-system in managing GST (with real case illustration)

• GST Gaps Commonly Observed
  • Supply classification not updated to align with business model calibration  
  • Minimal awareness of logics supporting GST codes assigned at customer master level
  • Weak collaboration between personnel at the workplace (e.g. finance/tax personnel with operation/sales/logistics/human resource colleagues)
  • System configuration setting leading to rounding differences for foreign currency transactions
  • Decentralised approach of handling GST claims made on non-operational cost
  • Loose concept of completeness of documentation and controls applied on invoices raised and received for sales and purchase transactions

• GST Effectiveness through Team Work
  • Alignment of process and control
  • Common goal approach to minimise GST risk

• Recent Updates on Taking GRBs Forward
  • IRAS recent direction

What you will learn

• Practical and possible tweaks in the workplace to better manage GST risk and compliance 

• Preserving cash flow such that only the right amount of GST due needs to be considered

Target Audience

• Business owners
• Finance Controller / Managers / Executives
• Accountants and Accounts Executive (involved with the preparation of GST returns)

Expert Speaker

Richard Ong
Partner & Head, GST Services

Richard heads the GST Division in RSM Tax Pte Ltd (“RSM”). He has more than 20 years of experience in GST with the Inland Revenue Authority of Singapore (IRAS), Deloitte & Touche LLP, and United Test and Assembly Center Ltd (UTAC) and RSM. His diverse background with the tax authority, professional and commercial firms allows him to share with seminar participants a balanced view and approach towards GST risk management and compliance.

Richard has spoken at public seminars in Singapore and Malaysia on topics such as Understanding Goods & Services Tax, Managing GST Risks, the GST Assisted Self-help Kit (ASK) and Malaysia GST. He is also an Accredited Tax Advisor (GST) with the Singapore Institute of Accredited Tax Professionals Limited.