Are you confident that the GST treatment adopted for your banking transactions aligns with Singapore’s GST legislation and the IRAS guidelines? Are you an ACAP-compliant bank? Are you aware of the recent changes in the banking industry including reverse charge, overseas vendor registration, alternative input tax recovery method? Have you conducted a post-filing review of the GST returns you have submitted to ensure compliance? According to the IRAS, a total of 2,521 GST audits were completed across various sectors for the fiscal year from 1 April 2023 to 31 March 2024, resulting in a recovery of $162 million, including penalties.
Financial institutions face unique challenges on GST compliance. An inadequate GST controls and governance may expose these entities to errors, audits, and potential penalties. Having adequate controls and governance around GST compliance can help mitigate the risk of costly mistakes.
As a GST-registered bank, it is critical to stay updated with the amendments to the GST legislation and the IRAS guidelines. All personnel involved in GST preparation and review must be proactive in understanding these changes to ensure compliance.
This workshop by Wolters Kluwer will walk you through real-life examples of common GST non-compliance issues within the financial industry. You will gain practical insights into the relevant GST legislation and IRAS guidelines based on the trainer's extensive 30 plus years of experience in this sector. The session is designed to be engaging and interactive, offering an alternative learning experience.
A Highlight of Key Areas:
- Recent changes that are relevant to banking industry including reverse charge, overseas vendor registration and concessions granted to banks and alternative input tax methodology
- The common GST errors made by banks
- A deeper look at the controls you could establish to prevent errors from occurring
- How to conduct a post-filing review
Ms Gan Hwee LengDirector
Alliance of Associated Advisors (AAA) Pte. Ltd.
Accredited Tax Advisor (Income Tax & GST)
Hwee Leng is a director in Alliance of Associated Advisors (AAA) Pte. Ltd. (an entity under AEP LLP), a tax consulting company, with extensive experience in Goods and Services Tax (GST) matters, both as a regulator and business adviser. She retired as a partner from the Indirect Tax Practice at KPMG in 2022. Prior to her consulting career, Hwee Leng worked at IRAS for 15 years, where she was part of their GST implementation team and involved in the drafting of the various circulars on the operation of GST, the GST legislation, schemes for businesses and audit of businesses.