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Description
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From 1 January 2021, a GST-registered business will not be allowed to claim input tax on its purchases which he knew or should have known to be part of any arrangement to cause loss of public revenue. It is therefore important for all GST-registered businesses (GRBs) to undertake due diligence checks to protect their input tax claims, before entering a business transaction. Failing to do these checks will risk them of being involved in Missing Trader Fraud (MTF).
Additionally, to safeguard public funds, the concept of customer accounting for prescribed goods was implemented from 1 January 2019 to deter fraud scheme where the seller absconds with the GST collected. This important GST rule on Customer accounting shifts the responsibility to account for output tax on the sale of prescribed goods from the supplier to the customer.
This timely and imperative GST workshop will provide a practical understanding on the application and implications of customer accounting and missing trader fraud on your GST treatment.
Programme Outline
Introduction to Missing Trader Fraud ("MTF") and Carousal Fraud
- What is MTF and Carousal Fraud?
- Illustrations of the different arrangements
- Two Parts of the Chain: Input Tax and Zero-Rating
- The Legislative Amendments
Customer Accounting for Prescribed Goods
- What is Customer Accounting
- What are prescribed goods (relevant supply)?
- What is an excepted supply?
- GST Treatment / reporting for supply or purchase of prescribed goods
- GST-registered supplier making a relevant supply
- GST-registered customer receiving a relevant supply
- Common business scenarios
The New IRAS e-tax guide on Due Diligence Checks to Avoid being involved in an MTF
- The “Knowledge Principle”
- Three-pillar approach for applying the “Knowledge Principle”
- Supporting documents
Q&A
What you will learn
- Understand the implications of Customer Accounting
- Learn how to correctly apply the GST Treatment in accounting for output tax on sale of prescribed goods
- Learn how MTF and Carousal Fraud takes place
- A step-by-step guide on due diligence checks for GRBs to protect input tax claims and avoid MTF
Target Audience
- Tax practitioners
- Finance practitioners
- Accountants
- Commercial Directors
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.