GST Updates and Salient Guidance for a Smooth Sailing throughout your GST Journey


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Date:
20 September 2024, Friday

Time:
09.00AM - 05.00PM
Venue:
ISCA House 
60 Cecil Street
Singapore 049709

Details/ Promotion:
Please click here for more details and here for the registration form. 
Accredited tax professionals enjoy members' rate!
Contact:
Please refer to organiser’s webpage here.
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Programme Synopsis

Singapore has implemented the Goods and Services Tax (GST) for more than 27 years. A simple broad-based tax at a low rate of 3% is likely to move up to 9% in the forthcoming years.  Being a newly GST-registered business, you undoubtedly wish to have smooth sailing throughout your GST journey.  Even if you have been filing your GST returns for years without receiving any IRAS queries, your GST compliance is not endorsed.
 
Digitalization has enabled tax administrations to deliver efficient and effective services electronically and enhance their capability to validate compliance in manifolds. While enjoying the fast and efficient e-services, surely you would expect e-audits. The "privilege" of "free from GST audit" would no longer be enjoyed by many GST businesses that they used to.
 
Against this background, and in the light of IRAS's pull and push approach for businesses to self-manage GST risks, you should at least be aware of how to better prepare and defend yourselves with adequate knowledge to stay ahead of this situation.
 
This practical workshop by ISCA aims to provide GST updates with case studies to enhance the competencies of both businesses and tax professionals in performing the respective roles in technical applications and a compliance review.

Programme Outline

A Highlight of Key Areas:
GST updates and the key pointers to note in assuring GST compliance in the GST life cycle:
  • Registration
  • Post-registration
    - How to determine whether there is a supply?
    - How to differentiate between business and non-business?
    - How to support your Imports and Exports declarations?
    - What are the proxies for zero-rating reliefs?
    - What must you be aware of in claiming input tax?
    - What are the GST Schemes available?
  • Cancellation of GST registration
A working model along the value chain to secure GST risks
  • Re-alignment of structure
  • Deployment of applicable tools
  • Setting up documentation, review, and monitoring processes embedded with controls
On the completion of this course, you will:
  • Be updated with the recent GST changes
  • Understand the critical consideration in some important GST concepts
  • Recognize the importance of getting GST right at the onset
  • Aware of the tools in self-managing GST risks 

About the Presenter(s)/ Trainer(s)


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Mrs Eng Li Ming
Accredited Tax Advisor (GST)
 


Ms. Tan Li Ming (Mrs. Eng) is an Accredited Tax Advisor (GST) of The Singapore Chartered Tax Professionals (SCTP). She has extensive taxation experience in Singapore and foreign tax authorities, particularly in the Goods & Services Tax (GST, also known as VAT in some countries). She was in the pioneer team, which in 1994 implemented the new tax regime, the Goods & Services Tax, for Singapore. After the smooth implementation of GST, Li Ming oversaw the various GST administrations, such as initiating and implementing GST policy changes and resolving complex technical issues in the Inland Revenue Authority of Singapore (IRAS). These are reflected in resolving technical issues, dealing with GST rulings, initiating, and implementing GST policy changes for the various sectors, including the public sector, manufacturing, real estate, telecommunications, logistics, and the financial industries. She spearheaded and implemented two key compliance programmes, to promote voluntary GST compliance - Assisted Self-help Kit (ASK) and Assisted Compliance Assurance Programme (ACAP). 

Li Ming now provides GST advisory and consultancy services to foreign tax administrations in their tax reforms, to implement a VAT or develop an IT system to re-engineer their business processes (not limited to VAT/GST).  Past clients include Local Tax Offices in China; Ministry of Finance, Brunei; Maldives Inland Revenue Authority (MIRA), Maldives; Royal Malaysian Customs Department, Malaysia; Ministry of Finance, Seychelles; the Oman Customs, Oman; Ministry of Economy, Finance and Planning, Equatorial Guinea; the state government of Karnataka, India; some African countries and Saudi Arabia. She also conducts lectures and customized GST workshops, providing GST Advisory Services and GST Compliance Assurance Reviews for GST-registered businesses. Currently, she is the writer of the Singapore Chapter of “VAT Worldwide,” published by the International Bureau of Fiscal Documentation (IBFD) and member of the Curriculum and Examination Development Committee of Tax Academy, Singapore.









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