An Insider’s Guide to Computing and Filing Goods and Services Tax (GST)
An Authoritative Guide on How to Avoid Costly Mistakes and Audit Red Flags
Your Challenge: How to Avoid Costly Errors and Minimize Your Exposure to Painful Penalties
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. 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 businesses 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.
Our Solution: 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 F5 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 of GST
- Types of Supply
- Output Tax vs Input Tax
- Tax Invoice, Simplified Tax Invoices & Receipts
- Credit Notes & Debit Notes
- Claiming of Input Tax
- Disallowed Input Tax Claims
- Correcting Mistakes in Import Declaration
- Completing the GST F5 – New Boxes added with effect from 1 January 2020
- Foreign Currency Invoice
- Bad Debt Relief
- Fringe Benefits – Update on Closed Nexus Test
- Ownership of Goods
- International Services
- Reimbursements vs Disbursements
- Entertainment Expenses
- Incidental Expenses
- Handphone Bill
Who Should Attend
- Company directors, business owners, financial controllers, finance managers, accountants and accounting staff involved in the preparation of GST F5 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 – Accredited Tax Practitioner (GST)
A former Inland Revenue Authority of Singapore (IRAS) Senior Tax Officer backed by 6 years of hands-on experience. Andre Lim has more than a decade of public speaking experience.
The Accredited Tax Practitioner has conducted more than 200 seminars and GST training classes with many organisations including Singapore Business Federation (SBF), Dun & Bradstreet (D&B), TAKX Solutions and ACCA Singapore.