GST Assisted Self-Help Kit (ASK): Key Focus Areas to Navigate your Major Exporter Scheme (“MES”) Renewal or Application confidently

Description

To better support GST-registered businesses (GRBs) in their journey of applying for or renewing the MES scheme, this timely and practical workshop is designed to equip participants with the essential knowledge and strategies.

In this session, we will delve into the key fundamentals that form the foundation of the MES scheme, outline the top 10 critical focus areas for effective management, and provide actionable insights on fine-tuning GST controls to ensure compliance and efficiency. This comprehensive approach will not only enhance GRBs’ ability to manage and minimize GST reporting risks but also empower them to navigate the complexities of their ASK review with confidence and ease.

By the end of this session, GRBs will be better positioned to streamline their processes, mitigate potential issues, and ensure a smooth renewal or application process.

Programme Outline

Back to Basics

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

ASK Review: Top 10 focus areas

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

GST Controls

• How to prepare for an MES audit
• Reconciliation of MES imports
• Key areas to note for import & export documentation
• Section 33(2) vs 33A imports
• Practical approach to better manage imports on behalf

Level the Playing Field

• Using tools to support GST risk management
• 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 how to prepare for an ASK review in tandem to the MES application / renewal
• 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

• GST registered business applying for / renewing MES scheme
• Tax Professionals and Executives
• Anyone who would like to be better prepared and learn how an ASK Review can support us in better managing GST reporting

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.