Zero In on Missing Trader Fraud in Singapore

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Recommended: Get clarity on the updates to the Goods and Services Tax Act
04 December 2020, Friday
12.00 - 01.00PM
Online Classroom

CPE Hours (Income Tax):

0 hour(s)

CPE Hours (GST):

1 hour(s)

Details/ Promotion:

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Programme Synopsis

Earlier this month, Parliament passed several updates to the Goods and Services Tax (GST) Act including new measures to counter a fraud scheme used by syndicates, known as the missing trader fraud. It was reported that in Singapore, more than 300 GST-registered businesses have been suspected of being involved in missing trader fraud as at end-2019, with total tax amounting to S$450 million.

Might you be a tax professional who may unknowingly be in such organizations or perhaps you wonder if your clients are involved in such activities without their knowledge?

It is a critical time to zero in on these legislative changes and ensure that you are not connected in any fraudulent arrangements in your supply chain or your clients’ business activities.

Join Mr Liu Hern Kuan, Head of Tax, Tan Peng Chin LLC, as he provides clarity on the new framework and what it means to businesses. With his vast experience on tax law, Hern Kuan will be sharing his perspectives on how the Comptroller of GST may assess the various arrangements and the reasonable steps taken by taxpayers. Seize this opportunity to have your queries answered too. 

Programme Outline

• Know what the new updates in the GST Act are on this matter 
• Be equipped on how to scrutinise transactions and take reasonable steps to steer away from fraudulent business arrangements 
• Gain perspectives on the opposing legal positions of the Comptroller of GST in denying the input tax credit claim, and the innocent trader in maintaining his claim in a supply chain that has been infected by missing trader fraud

About the Facilitator(s)

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Mr Liu Hern Kuan
Head of Tax
Tan Peng Chin LLC

Hern Kuan has wide experience in Revenue Law, having lectured in it at the Law Faculty in NUS, practiced as a tax manager in Big-4 accounting firms and as head of tax in a major law firm. He was also the Chief Legal Officer of Singapore’s national tax authority, the Inland Revenue Authority of Singapore (IRAS), for some 10 years.

At IRAS, Hern Kuan ran a team that provided legal and tax advice on all tax law matters to IRAS’ operational divisions. He was IRAS’s lead counsel in several landmark Income Tax, Property Tax and Stamp Duty cases including JD Pte Ltd (interest restriction formula), IA (nature of interest expense), T Ltd (commencement of business) and AQP (theft of company funds by director) and AQQ (application of GAAR).

Hern Kuan currently represents several clients who have had their input tax credit claims denied by the Comptroller of GST on the basis of Missing Trader Fraud.


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