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Effective 1 January 2021, the Comptroller of GST (CGST) is authorised to deny input tax claims made by a GST-registered business (GRB) if the business knew or should have known that the purchases were a part of an Missing Trader Fraud (MTF) arrangement.
The biggest challenge faced by businesses is being caught unawares on their involvement in MTF, by IRAS. Hence, on 10 February 2021, IRAS released a new e-tax guide on “Due diligence checks to avoid being involved in Missing Trader Fraud” to provide GRBs a structured guide on the implementation of due diligence checks to protect their input tax claims, whilst avoiding the risk of MTF involvement. As this new law affects all businesses, it is crucial to be updated on this latest development and be compliant with IRAS requirements.
This timely and imperative GST workshop is led by expert speakers Liu Hern Kuan and Catherine Chiang. 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 should have known that a supply was part of a fraudulent arrangement under the current law and under the new framework. Relevant case law will be discussed. Catherine will speak from a GST operations perspective and will provide insights on the reasonable steps and risk controls required to be put in place by GRBs to protect their input tax claims, and from potential MTF exposure.
Introduction to Missing Trader Fraud ("MTF") and Carousal Fraud
The new IRAS e-tax guide on Due Diligence Checks to Avoid being involved in an MTF
Denial of Input Tax Claim: Law Applicable
Criminal Prosecution Liabilities
Practice Area: Tax
Training Level: Intermediate
6 Public CPD Points* (Lawyers)/ 7 CPD Hours (Accountants)
*For SILE CPD Purposes
SILE ATTENDANCE POLICY: Participants who wish to obtain CPD Points are reminded that they must comply strictly with the Attendance Policy set out in the CPD Guidelines. For this activity, this includes signing in on arrival and signing out at the conclusion of the activity in the manner required by the organiser, and not being absent from the entire activity for more than 15 minutes. Participants who do not comply with the Attendance Policy will not be able to obtain CPD Points for attending the activity. Please refer to http://www.sileCPDcentre.sg for more information.
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.
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.