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Updates and an in-depth analysis on the practical issues and problems that GST-registered businesses face and how to better manage them.
Since 2015, the Inland Revenue Authority of Singapore (IRAS) has stepped up its GST compliance audits on large businesses across various industries. According to the IRAS, 77% of the businesses audited made GST errors and these errors could attract penalties of up to two times the tax underpaid and a 5% late payment penalty.
The Goods and Services Tax (GST) rate in Singapore was increased from 7% to 8% with effect from 1 January 2023, and from 8% to 9% with effect from 1 January 2024. A higher GST rate means that GST-registered businesses are exposed to higher penalties for non-compliance. GST-registered businesses could be subject to 5% late payment penalty for any tax under-declared or over-claimed, and there could be penalties for the incorrect filing of GST returns.
Based on the Inland Revenue Authority of Singapore (IRAS) FY2022/23 annual report, S$149m in penalties and taxes were collected as a result of GST audits and investigations conducted by the IRAS. This made up 30% of penalties and taxes collected by the IRAS from audits and investigations conducted during the financial year.
To improve GST compliance and minimise GST errors and penalties, GST-registered businesses should adopt a proactive approach by regularly reviewing their past GST returns to detect errors and rectifying them in a timely manner.
Many GST errors arise due to a lack of knowledge of the GST rules and regulations. It is critical that the staff responsible for the company’s GST returns are equipped with the necessary GST knowledge and stay abreast of the GST developments.
This workshop provides an excellent platform to equip participants with the necessary GST knowledge and to keep abreast of GST legislative changes. It also provides valuable insights into common GST risk areas and errors and that would help improve GST compliance.
Join the workshop for updates and an in-depth analysis on the practical issues and problems that GST-registered businesses face and how to better manage them. All participants will attend the main module on “Common GST issues” and they can choose any of the following optional modules:
- All about goods
- All about services
- Preparation of GST forms
Who should attend
Financial controllers, finance managers, accountants and accounting staff involved in the preparation of GST returns. Staff in operations, sales, logistics and administration have also benefited from our workshops.
Workshop agenda
Module 1: Common GST issues
- Mechanics of GST
- Value and types of supply
- Common GST schemes
- Conditions governing input tax claims
- Deeming of output tax
- Inter-company billings and recovery of expenses
- Recent GST developments
Module 2: All about goods
- Place and time of supply
- Imports
- Zero-rating of exports
- Handling of goods on behalf of overseas principal
- Case studies
Module 3: All about services
- Place and time of supply
- Zero-rating of international services
- E-commerce
- Case studies
Module 4: Preparation of GST forms
- Completion of forms (GST F5, F7 and F8)
- Payment or refund of GST
- Record keeping requirements
- Common errors
- Exercise or case study
Workshop details
|
November cohort |
|
|---|---|
|
Module 1: Common GST Issues |
19 November 2024 |
|
Module 2: All about goods |
20 November 2024 |
|
Module 3: All about services |
21 November 2024 |
|
Module 4: Preparation of GST forms |
22 November 2024 |
|
The timing for all modules are from 9:00 a.m. to 12:30 p.m. |
Workshop fees
|
Client, EY alumni or SCTP membe |
Public |
|
|---|---|---|
|
Common GST issues + 3 modules |
S$730 |
S$810 |
|
Common GST issues + 2 modules |
S$570 |
S$630 |
|
Common GST issues + 1 module |
S$410 |
S$450 |
|
* Fees stated include GST |
||
A group discount of 10% applies to organisations registering three or more participants in one registration.
CPE hours
7 to 14 CPE hours, depending on choice of modules
Important notes
Please send your payment only after you have received confirmation of your registration. Joining instructions will be sent via email on 18 November 2024.
EY Corporate Advisors Pte. Ltd. reserves the right to cancel the workshop or amend the schedule and speakers due to circumstances beyond our control. Registration is on a first-come-first-served basis. We regret that we cannot provide fee refunds, but changes in the personnel attending can be accommodated.
Please note that photographs, video and/or audio recordings (Materials) may be taken during the event. The EY member firms in Singapore may collect, use, reproduce, edit and/or share the Materials for its internal and external publications (which include magazines, newsletters and website), for publicity and marketing purposes, and/or for post-event communications with event attendees. All rights, title and interests in the Materials shall belong to EY.
