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.
Summary of 2020 -2022 Major Updates/Developments
IRAS COVID-19 GST Guidance and Support Measures
Taxing Imported Services / Low Value Goods
New GST e-tax guide on Due Diligence Checks to avoid being involved in Missing Trader Fraud
At the end of this workshop, you will:
Accountants and Tax Professionals
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.