An Insider’s Guide to Computing and Filing Goods and Services Tax (GST)
Although GST rules have been clearly laid out in Singapore for more than 20 years, many GST-Registered businesses are still making costly mistakes in their GST submissions. Accordingly, the Inland Revenue Authority of Singapore (IRAS) has collected millions in taxes and penalties as a result of GST audits and investigations (Source: IRAS Annual Report 2013/14). Any GST errors left undetected and therefore not addressed often continue to accumulate and translate into significant financial exposure and disastrous consequences to the reputation of you or your client’s organization. This is why business and corporate accounting firms must equip its staff with a complete understanding of GST rules and regulations to avoid crucial GST errors, manage risks and improve compliance. This will reduce time and resources needed to rectify errors and penalties for filing incorrect GST returns.
Valuable Key Takeaways: A Step-by-Step Insider’s Guide from a Former Senior IRAS TAX Officer
This workshop is specifically designed to equip participants with the latest skills and knowledge to effectively understand and apply GST requirement. It will discuss major GST risk areas and common errors. With notes specially designed for easy learning, to broaden and reinforce understanding of proper GST treatment, you will possess the knowledge and know-how to compute and file your GST returns accurately. Participants will be exposed to real life examples to build up their practical knowledge and analysis of GST obligations.
Understand the concepts of the Goods & Services Tax (GST), its rules and regulations
- Prepare proper documents in case of a GST Audit
- Complete your GST F5 return correctly and accurately
- Understand how rules apply to transactions so as to mitigate the exposure to penalties
- Know the common errors in GST and how to avoid it
- Clarify some of the GST issues you encounter in your daily work
- Perform due diligence reviews
- Maintain accounting and other related records to ensure compliance with the GST rules and regulations
Note: Participants are required to bring along their calculators
- Overview and Basic Concepts of GST
- Types of Supply
- Output Tax vs Input Tax
- Tax Invoices, Simplified Invoices and Receipts
- Foreign Currency Invoice
- Credit Notes and Debit Notes
- Claiming of Input Tax
- Fringe Benefits
- Disallowed Input Tax Claims
- Major Exporter Scheme
- International Services
- Absorption of GST
- Price Displays
- Reimbursement vs Disbursements
- Inter-Company Billings & Recovery of Expenses
- Open Market Value
- Disposal of Business Asset
- Purchase of a Brand New Vehicle
- Sale of 2nd Hand Vehicle
- Discount vs Rebate
- Free Samples
- Penalties and Interest
- Reimbursement of Handphone Bills, Entertainment and Office Expenses
- Incidental Expenses
- Record Keeping
- Completing the GST F5 Return
- GST F5 Exercise
Who Should Attend
- Company directors, business owners, financial controllers, finance managers, accountants and accounting staff involved in the preparation of GST returns.
- Accounts and finance Staff from operations, manufacturing, sales, logistics and administration have also benefited from our workshops.
“The trainer is clear and concise. He also shared his wealth of experience to help us understand the subject better. Thank you for the awesome sharing!” Ms Jasmine Loo – Mandom Corporation (S) Pte Ltd
“The instructor was humourous and injected real-life examples into his workshop, making the session both informative and entertaining.” Ms Jade Chen – FTC Corporate & Tax Advisory Pte Ltd
“Information given is very comprehensive, complete and easy to comprehend. Very detailed and informative, particularly to those without accounting and finance background. This course is definitely highly recommended!” Ms Susie Ong – Vopak Terminals Singapore Pte Ltd
Expert Facilitator: Andre Lim
Formerly an Inland Revenue Authority of Singapore (IRAS) Senior Tax Officer, Andre has gathered more than 6 years of valuable experience from IRAS that includes dealing with general and complex GST issues.
He has conducted over 100 GST workshops and seminars, training over 5,000 participants during his tenure with IRAS with many prestigious organisations that include Accounting & Corporate Regulatory (ACRA), Singapore National Employers’ Federation (SNEF), Singapore Business Federation (SBF), Singapore Manufacturers’ Federation (SMa) and Singapore Chinese Chamber Of Commerce & Industry (SCCCI).