There were several important changes to the GST framework in recent years. It is therefore critical for all GST-registered businesses (GRBs) to be kept abreast of these changes to avoid non-compliance and costly penalties.
GST treatment on transfer pricing adjustments, was a new GST guide released on 9 November 2020, by IRAS. GRBs need to ensure that they apply the correct GST treatment on the TP adjustments.
Another major GST update effective 1 January 2021 is on preventing Missing Trader Fraud (MTF). There has been a spike in MTF cases in recent times. The key challenge is that businesses may unknowingly be involved in MTF. As this new ruling affects all businesses, IRAS released an e-tax guide on 10 February 2021 to guide GRBs on the implementation of due diligence checks to protect their input tax claims and prevent MTF involvement.
This timely workshop will provide you with a practical understanding and clarity on compliance with the latest e-tax guide releases. The presenter will ensure that you are equipped with the knowledge to rightly account for GST treatment on TP adjustments and avoid MTF. Additionally, recent GST guidance on COVID-19 support measures and budget 2021 GST highlights will be discussed.
A Highlight of Key Areas:
- Summary of 2020 and 2021 Major Updates/Developments
- IRAS COVID-19 GST Guidance and Support Measures
- New GST e-tax guide on Transfer Pricing Adjustments
- GST treatment for TP adjustments
- Administrative concession where no GST adjustment is required
- Proxies that could be used to apportion the TP adjustment to various categories
- Supporting documents
- Waiver of penalties - New GST e-tax guide on Due Diligence Checks to avoid being involved in Missing Trader Fraud
- What is Missing Trade Fraud?
- GST Legislative Amendment
- The “Knowledge Principle” - new condition for input tax claims
- Three-pillar approach for applying the Knowledge Principle Framework
- Supporting documents