Essential GST Rules: Practical Application and Challenges – Reverse Charge, Imported Services, GST Hike and Key GST Rules in 2019 and Beyond

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Description

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Looking retrospectively and prospectively over a 2-year period at this juncture, Singapore has introduced new GST reporting requirements ranging from customer accounting (for Prescribed Goods), reverse charge, overseas vendor regime for imported services as well as making updates to how we will be levying import GST on low value goods and non-digital services from 1 January 2023.

It is therefore timely for this practical workshop where GST practitioners would be able to learn on the ground challenges GST registered business encounter from the transaction and GST reporting levels.

Programme Outline

Overview of GST Updates since 2019

Imported Services

• Reverse charges vs Overseas Vendor regime
• Digital & non-digital service
• B2C vs B2B
• How to segregate import service for reverse charge reporting

Transfer Pricing Adjustment

• Concession coverage
• What needs to be done

Upcoming Changes

• Low value goods
• Imported services

Challenges at Transaction and GST Reporting Levels

Preparing for the GST Rate Revision

What you will learn

At the end of this workshop, you will:

• Be in a better position to understand the necessary GST controls required to minimize GST risk on the proposed areas
• Align on what is the fine line between reverse charge versus overseas vendor registration, including how best to segregate a B2C from a B2B arrangement for GST reporting
• Step by step guide on establishing imported service which falls within the reverse charge coverage as well as transfer pricing adjustment
• Learn how to effectively prepare for GST rate revision

Target Audience

• Finance Managers and Executives
• Accountants and Accounts Executive (involved with the preparation of GST returns)
• Anyone involved in GST compliance

Expert Speaker

Richard Ong
Partner & Head, GST Services
RSM Tax Pte Ltd

Richard heads the GST Division in RSM Tax Pte Ltd (“RSM”). He has more than 25 years of experience in GST with the Inland Revenue Authority of Singapore (IRAS), Deloitte & Touche LLP, United Test and Assembly Center Ltd (UTAC) and RSM. His diverse background and work exposure 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.