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.
• 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