IRAS Current GST Audit Focus Areas: 2023 GST Rate Change Practical Impact and GST Controls System

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Description

This is a hybrid session. You have the option to attend this live in-person or online via Zoom. Please select accordingly at registration.

The in-person session will be conducted at:
Sheraton Towers Singapore - Amber Room (Level 2)
39 Scotts Road, Singapore 22823

In FY2020/21, IRAS GST revenue collection was $10.3billion.

In Singapore, the business approach and volume has evolved and grown given the co-existing COVID-19 strategy. In tandem to this, IRAS GST audit focus has also been calibrated to that of business focus and in-depth analysis of the GST controls systems put in place by GST registered businesses (GRBs). This has enabled IRAS to address the root cause of GRBs operational concerns and gaps that is contributing to incorrect GST reporting and heavy penalties payable.

Tagging to the proposed GST rate calibration from 1 January 2023 as well as aligning ourselves closer to what IRAS is looking at, we will through this timely and highly practical workshop, we will examine and evaluate the contributing factors to GST gaps observed during IRAS GST audit, and how GRBs could minimise them to ensure effective GST management.

Programme Outline

Revisit of GST Fundamentals

• To know areas about GST (including reverse charge & imported services)
• GST classification reference point
• The A.M.A. concept

The Roles Accounting System and Available Technology Play (e.g. analytics, artificial intelligence) to Better Support GST Reporting and GST Risk Minimisation

• Importance of GST logics and tax codes
• Controls specification and fine tuning required in the accounting system
• Regular testing of the controls
• Exception reports
• Relying on technology to make GST risk management fun

Controls Applicable at Transaction Levels

• Duplicate verification function and its effectiveness
• Ability to modify base value and GST amount
• Audit trails

GST Reporting Aspect and the Controls Available to Support GRBs in its GST Reporting

• Importance of Chart of Accounts
• Input tax apportionment & Reverse charge
• Looking at AP aging report
• Sampling

Readiness for the GST rate change effective 1 Jan 2023

• General transitional concerns
• Areas of concern beyond just tweaking the system to reflect 7% to 8%
• What to look out for and how to manage it
• Aligning ourselves better prospectively

What you will learn

At the end of this workshop, you will:

• Be updated on GST pain points IRAS focus on as well as their audit coverage on GST Control Systems implemented by GRBs
• Find out how to overcome the operational issues and gaps of GST control systems
• Learn how to effectively manage GST risk and minimize penalties
• Catch up on the practical concerns to look out for from the business perspective, what you should do, as well as the options available to better align yourselves for the GST rate change.

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.