Reviewing Important GST Updates in 2020 & 2021: Transfer Pricing Adjustments, Missing Trader Fraud and Budget 2021 Highlights

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Description

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There were several important changes to the GST framework in recent years. It is therefore critical for all GST-registered businesses (GRBs) to be kept abreast of these changes to avoid non-compliance and costly penalties.

GST treatment on transfer pricing adjustments, was a new GST guide released on 9 November 2020, by IRAS. GRBs need to ensure that they apply the correct GST treatment on the TP adjustments.

Another major GST update effective 1 January 2021 is on preventing Missing Trader Fraud (MTF). There has been a spike in MTF cases in recent times. The key challenge is that businesses may unknowingly be involved in MTF. As this new ruling affects all businesses, IRAS released an e-tax guide on 10 February 2021 to guide GRBs on the implementation of due diligence checks to protect their input tax claims and prevent MTF involvement.

This workshop will provide you with a practical understanding and clarity on compliance with the updated e-tax guide releases. The presenter will ensure that you are equipped with the knowledge to rightly account for GST treatment on TP adjustments and avoid MTF. Additionally, GST guidance on COVID-19 support measures and budget 2021 GST highlights will be discussed.

Programme Outline

• Summary of 2020 and 2021 Major Updates/Developments
• IRAS COVID-19 GST Guidance and Support Measures
• New GST e-tax guide on Transfer Pricing Adjustments
• GST treatment for TP adjustments
• Administrative concession where no GST adjustment is required
• Proxies that could be used to apportion the TP adjustment to various categories
• Supporting documents
• Waiver of penalties
• New GST e-tax guide on Due Diligence Checks to avoid being involved in Missing Trader Fraud
• What is Missing Trade Fraud?
• GST Legislative Amendment
• The “Knowledge Principle” - new condition for input tax claims
• Three-pillar approach for applying the Knowledge Principle Framework
• Supporting documents

What you will learn

At the end of this webinar, you will:

• Be updated and compliant with the recent and major GST developments in 2020/2021
• Confidently apply the new rule on GST treatment for TP Adjustments
• Learn to avoid the risk of MTF involvement through due diligence checks
• Be aware of the COVID-19 GST support measures relevant to you

Target Audience

Accountants and Tax Professionals 

Expert Speaker

Catherine Chiang

Catherine 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.