Getting your GST Right in 2024: Concise Updates and Tightening your GST Controls to Manage Risks arising from Returns Lodgement

Description

Most GST registered businesses ( GRBs ) miss out on easy-to-identify GST risk areas due to lack of the know-how and / or availability of capacity to effectively track them. This lead to incorrect GST classification and GST reporting as well as the ultimate payment of heavy fines and / or penalties to the IRAS.

In this timely and highly practical workshop, our trainer will share his professional experience and collection of GST weakness and blind spots that can be resolved progressively with the combination of human and digital efforts as part of the GRBs’ GST return filing process. This will aid GRBs in achieving the end in mind of better managing their GST obligations and minimising potential fines and / or penalties that could arise during an IRAS GST audit.

Programme Outline

• GST Value Chain
• GST controls (front end and progressive) at entity, transactional (supply and purchase) and GST reporting levels to aid on better GST reporting
• Layman approach in determining zero-rating (i.e. 0% GST) of goods and/or service supplied
• Tips on better managing input tax claims
• Input tax apportionment and reverse charge
• Using digital tools to supplement GST reporting
• Essential GST updates
• GST voluntary disclosure initiative to minimise GST penalties and/or fines payable on incorrect GST classification with GST impact

What you will learn

By the end of the workshop, you will:

• Have a fresh perspective of better managing GST return(s) lodgement
• Clear the air on GST audit conducted by IRAS
• Have a better idea on the TOP 10 GST audit tips
• Learn how to use GST controls to minimise GST risk arising from GST return(s) lodgement
• Know how to score closer to 10/10 for GST reporting

Target Audience

• Tax Professionals
• Accounting and Finance Professionals
• Anyone interested in putting in place or tightening GST controls to minimise GST risk arising from GST return(s) lodgement

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 Chartered Tax Professionals Limited.