An Essential Guide to Goods and Services Tax (GST) in Singapore

Description

This workshop is designed to give you an overview of the Singapore Goods and Services Tax (“GST”) system and a practical understanding of the fundamentals and important concepts of GST.

You will understand how the GST rules and regulations apply to business transactions and avoid costly GST errors. As GST is a transaction-based tax, GST errors are generally recurring if the business transactions remain largely the same. With the practical knowledge acquired in this workshop, it will certainly help your organisation in mitigating GST risks with early detection of errors for timely rectification.

Programme Outline

Overview of Singapore GST regime

• Scope of GST
• Mechanism of GST
• GST Rate Change Transitional Rules

Place, time and value of supply

Types of supplies

Zero-rated supplies

• Export of goods
• International services

Conditions governing input tax claim and disallowed expenses

• Definition of input tax claims
• Supporting documents required
• Timing of claiming
• Bad debts relief
• Specific disallowed expenses
• Partial exemption

Common GST issues

• Fringe benefits / family benefits
• Gifts
• Recovery of expenses - disbursements vs reimbursement

Reverse Charge

• Imported Services
• Imported Low-Value Goods (LVG)

What you will learn

• Have a good understanding of the practical issues arising from the current GST regime
• Have a good grasp of basic GST concepts in compliance with the Goods and Services Tax Act
• Have a practical understanding on how a GST returns is prepared

Target Audience

• Accountants
• Tax Professionals
• Preparers of GST Returns
• Directors and Business Managers

Expert Speaker

Catherine Chiang

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.