IRAS GST Audit Focus Area & Troubleshooting 2023 GST Rate Change Implementation Challenges

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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 live in-person session on 9 June 2023 will be held at:
Singapore Marriott Tang Plaza Hotel (Legacy Suite, Level 2)
320 Orchard Road
Singapore 238865

This is a one-day workshop covering two distinct GST topics: IRAS GST Audit focus area in the morning (AM) and troubleshooting 2023 GST Rate Change Implementation Challenges in the afternoon (PM).

This topical and timely practical workshop will explain and address IRAS current GST audit focus area which is the GST control systems implemented by GST registered businesses (“GRB”). IRAS identified this to be the root cause for operational concerns and gaps that is contributing to incorrect GST reporting and heavy penalties payable to IRAS. In the recent FY 2021/2022, IRAS GST revenue collection was $12.6b. This is a 22% hike from the previous year!

Additionally, this workshop will examine and evaluate typical concerns and address practical question(s) in the implementation of the 2023 GST rate change and will prepare GRB for the next proposed GST rate calibration from 8% to 9% starting from 1 January 2024.

This unique workshop format offers you the option to attend either the AM or PM session.

AM Session: IRAS GST Audit Focus Area: GST Control Systems for Effective GST Management click HERE.

PM Session: Troubleshooting 2023 GST Rate Change Implementation Challenges: Q&A Roundup click HERE

By attending the one-day session, you get to enjoy greater savings and buffet lunch will be provided. Register NOW!

Programme Outline

AM Session: 9am-12.30pm

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

Controls Applicable at Transaction Levels

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

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

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

PM Session: 1.30pm-5pm

Overview of GST transition rules

• Basic tax point (“BTP”)
• Time of Supply (“TOS”)
• Ranking the BTP and TOS

GST rate change coverage

• Supply / Purchase
• Recovery of Expense
• Deeming

Discussion Segment

• General transitional concerns
• Sharing of practical concerns raised by participants
• Handling of grey areas

PM Participants are encouraged to prepare questions/comments on their practical challenges. Please email them to sg-cchlearning@wolterskluwer.com 1.5 weeks prior to the event date. We will collate them and have the presenter prepare and address as many as we have time for, during the discussion/Q&A segment.

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
• Confidently and rightly do your monthly GST reporting for the year 2023
• Be better positioned to navigate the next GST rate change effective 1 Jan 2024
• Find out the practical concerns of the industry and how best to engage the IRAS
• Learn how to effectively manage GST risk and minimize penalties

Target Audience

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

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 allow 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, GST for SME, 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.