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 the AM session of our ONE-DAY workshop.

In FY2021/22, IRAS GST revenue collection was $12.6billion. This is around 22% increase from the previous year!

From GST audit, IRAS has identified that the GST controls systems put in place by GST registered businesses, (“GRB”) was the root cause for operational concerns and gaps that is contributing to incorrect GST reporting and heavy penalties payable to IRAS.

This timely and highly practical workshop 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.

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

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

One-day Session: IRAS GST Audit Focus Area & Troubleshooting 2023 GST Rate Change Implementation Challenges, click HERE

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

Programme Outline

AM Session: 9.00am-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 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
• GST Transitional concerns
• Looking at AP aging report
• Sampling

What you will learn

At the end of this workshop, you will:

• Be updated on GST pain points IRAS focuses 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

Target Audience

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