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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.
Presently, GST on imported services is taxed by way of an overseas vendor registration (OVR) regime and reverse charge (RC) regime. From 1 Jan 2023, GST will be extended to B2C imported non-digital services, through the OVR regime. Additionally, GRBs subject to RC should perform reverse charge on low-value goods. The OVR will also include overseas supplier supplying low value goods to non-GST registered customers here in Singapore. The impact of these new revisions will be addressed.
Effective 1 Jan 2021, all GRBs will need to comply with additional conditions to claim input tax to safeguard themselves from being unknowingly involved in Missing Trader Fraud (MTF). This workshop will demonstrate how to protect their input tax claims and avoid MTF exposure.
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 imported services, import of low value goods and to avoid MTF. Additionally, GST guidance on COVID-19 support measures and budget 2022 GST highlights will be discussed.
Programme Outline
Summary of 2020 -2022 Major Updates/Developments
IRAS COVID-19 GST Guidance and Support Measures
Taxing Imported Services / Low Value Goods
- Overseas Vendor Registration Regime (B2C transactions)
- Digital Services
- Remote Services (from 1 Jan 2023)
- Low value goods (from 1 Jan 2023)
- Reverse Charge Mechanism (B2B transactions)
- Services procured from overseas vendors
- Low value goods (from 1 Jan 2023)
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 workshop, you will:
- Be updated and compliant with the recent and major GST developments from 2020 and beyond
- Find out the new revisions of taxing imported services by way of OVR or RC and its impact on GST reporting
- 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 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.