Based on the Inland Revenue Authority of Singapore’s (IRAS') FY2022/23 annual report, S$148m in penalties and taxes were collected as a result of GST audits and investigations conducted – close to half the amount of penalties and taxes collected by the IRAS from audits and investigations conducted during the financial year.
With the increase in GST rate to 9%, this will imply that GST-registered businesses are exposed to higher penalties for non-compliance. GST-registered businesses could be subject to 5% late payment penalty for any tax under-declared or over-claimed. Furthermore, there could be penalties for the incorrect filing of GST returns.
GST-registered businesses could improve GST compliance and minimise GST errors and penalties by proactively reviewing their past GST returns regularly to prevent and detect errors and rectifying them before they start to snowball. Most GST errors arise due to insufficient knowledge of the GST rules and regulations. It is important that the staff responsible for the company’s GST returns are equipped with the necessary GST knowledge and stay abreast of the GST developments.
This timely workshop aims to equip participants with the necessary GST knowledge and provides practical insights into common GST risk areas and errors to help your organisation improve GST compliance. With the Trainer’s sharing of practical experience, you will also avoid the common and uncommon mistakes other entities had made.
Essential GST updates
- A brief and salient overview of recent GST developments
- GST rate change transitional rules
- Reverse Charge mechanism
Identifying the common mistakes / errors made in GST returns
- Standard-rated supplies and output tax
- Zero-rated supplies
- Exempt supplies
- Taxable purchases & Input tax errors
Improving GST compliance
- Understanding GST requirements
- Tips on better managing GST risks
- Voluntary disclosure to minimise GST penalties on incorrect GST submission
What you will learn
- Gain practical insights into common GST risk areas and errors
- Avoid making the same mistakes and GST errors other entities has made
- Learn practical tips to help your organisation improve GST compliance and avoid hefty penalities
- Tax Professionals and Executives
- Accounting and Finance Professionals and Executives
- Anyone interested in understanding common GST risk areas and improving GST compliance
Catherine is a Senior GST Consultant who has previously spent 6 years in the IRAS, handling GST and Income Tax audit and almost 10 years with 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.