IRAS GST Audit 2025: A Deeper Look at the Top 10 Focus Areas and Practical Approaches to Minimise GST Reporting Risks

Description

GST administration in Singapore has just crossed its 30th year. Based on the latest statistics released by the Inland Revenue Authority of Singapore (“IRAS”), GST collection has grown to S$16.6 billion for FY 2023/2024 and similar growth momentum would expect to continue into FY 2024 / 2025.

To support GST registered businesses (GRBs) in aligning with changes and various updates, this topical and practical workshop will share with representatives of GRBs, the contributing factors for the rising GST revenue collection by IRAS. Find out the Top 10 focus areas on common GST reporting errors picked up by IRAS GST audit, the 3W1H approach to manage and minimise GST reporting risk as well as what should be done at GST reporting phase to level the playing field with IRAS.

Programme Outline

Back to Basics

• GST value chain
• Supply & Purchase
• Recovery of expenses
• Deeming
• Key fundamentals

IRAS GST Audit: Top 10 focus areas on Common GST Reporting Errors

• Transaction level aspect
• GST reporting level aspect
• Bonus areas

3W1H Approach

• What to look out for
• Why does it happen
• Where to start
• How to take things forward
• Practical approach to manage GST risk

Level the Playing Field

• Using tools to support GST risk management
• Common myths to avoid
• Applying what we know
• Taking action
• Controls to contain risk
• GST InvoiceNow

What you will learn

• Be aligned with GST requirement in tandem to the business you represent
• Gain knowledge of the TOP 10 GST audit focus areas on common GST reporting errors such that actions can be taken to manage the GST risk
• Confidently lodge your periodic GST return(s) with a peace of mind
• Find out the practical concerns of the industry and how best to engage the IRAS
• Learn how to effectively manage GST risk and minimise penalties

Target Audience

• Tax Professionals and Executives
• Anyone who would like to be better prepared and learn what to look out for in a GST Audit

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.