GST workshop 2023

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.

The Goods and Services Tax (GST) rate in Singapore has increased from 7% to 8% with effect from 1 January 2023 and will increase 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’s (IRAS') FY2021/22 annual report, S$213m in penalties and taxes were collected as a result of GST audits and investigations conducted by the IRAS – making up more than half the amount 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 prevent and detect errors and rectifying them timely.

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 fees