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Reimbursements and disbursements are often reviewed by IRAS during any audit process. The e-Tax Guide issued by IRAS provides more clarity on the GST Reimbursement and Disbursement of Expenses. With the e-Tax Guide, IRAS expects GST-Registered Businesses to have a sound understanding of the rules to determine the correct GST treatment.
Understanding the differences between reimbursements and disbursements is essential as they are treated very differently for GST reporting purposes. The incorrect treatment could result in underpayment of GST and possible imposition of penalties.
This workshop will give you a better clarity and understanding on the GST treatment of reimbursement and disbursement. Through the use of practical scenarios, exercises and case studies, you will also know how to determine the right treatment of GST for the recovery of expenses.
Difference Between Reimbursement and Disbursement
- Are You an Agent or a Principal?
- Taxable Supply and Non-Taxable Supply
- Typical Reimbursement Scenario
- Typical Disbursement Scenario
Determining Agent-Principal Relationship: The Indicators
Recovery of Expenses Which is Ancillary to a Primary Supply
Recovery of Expenses Which is Separate and Not Ancillary to Any Primary Supply
Recovery at Costs Or With Mark-Up: Is there a difference?
Updates and amendments in the IRAS e-Tax Guide on GST Reimbursement and Disbursement of Expenses
Common business examples will be used to illustrate the application of the GST rules on Reimbursement and Disbursement of Expenses
What you will learn
At the end of this workshop, you will:
- Learn how to establish whether the recovery of expense is a reimbursement or disbursement
- Be able to ascertain the agent-principal relationship, differentiate between reimbursement and disbursement, and ascertain the GST treatment for the recovery of expenses
- Minimise the possibility of costly penalties by ensuring the accuracy of your GST recovery of expenses/claims
- Finance Managers and Executives
- Accountants and Accounts Executive (involved with the preparation of GST returns)
- Anyone involved in GST compliance
Catherine is a Senior GST Consultant. She had spent 6 years in the IRAS, and almost 10 years with two of the Big Four international accounting firms. She has 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. She is also an ACTA certified Trainer.
This is a face-to-face event to be conducted on 18 November 2022. ACCA members will enjoy the members' fee of $400.18 (including GST). Kindly key in the promo code "ACCA22" during registration. You will be requested to furnish your ACCA membership number upon receipt of our confirmation.