Japan Business Services: Tax updates on GST and corporate income tax

Understand key areas of the GST rate change and the IRAS’ tax governance and tax risk management framework programs

This webinar will discuss the upcoming Goods and Services Tax (GST) rate change and the recent Inland Revenue Authority of Singapore’s (IRAS) tax governance and tax risk management framework programs.

On 18 February 2022, the Singapore Government announced in Budget 2022 that the GST rate will be increased in two steps - from 7% to 8% with effect from 1 January 2023, and from 8% to 9% with effect from 1 January 2024.

With the first GST rate change just a few months away, it is crucial that all GST-registered businesses make the effort to adequately prepare for the rate change.

The Inland Revenue Authority of Singapore (IRAS) has rolled out the tax governance and tax risk management framework programs, first targeting the large corporations in Singapore. This is not dissimilar to the Assisted Compliance Assurance Program for Goods and Services Tax, with a focus on the company's tax governance framework and internal controls for corporate income tax. 

Join us at this webinar as we discuss key areas that business should be aware of:

GST rate change

• Transitional rules
  
  
• The appropriate apportionment methods to apportion the value of the goods delivered or services performed before and on or after 1 January 2023
  
  
• Existing contracts or agreements straddling the rate change and to determine who will bear the additional GST

IRAS’ tax governance and tax risk management framework program

• Overview of the IRAS' tax governance and risk management framework
  
  
• Key considerations in the adoption of the programs

Speakers:

• Kazuhiro (Ken) Matsuo, EY Asean Japan Business Services Leader; Partner, Assurance, Ernst & Young LLP
  
  
• Swee Thiam Teh, Partner, Tax Services, Ernst & Young Solutions LLP
  
  
• Boon Choo Chew, Partner, Indirect Tax — Goods and Services Tax, Ernst & Young Solutions LLP
  
  
• Andy Heng, Senior Manager, Tax, EY Corporate Advisors Pte. Ltd.
  
  
• Toshiaki Nishioka, Senior Manager, Assurance, Japan Business Services, Ernst & Young LLP​
  
  
• Hiroya Toida, Manager, Assurance, Japan Business Services, Ernst & Young LLP​

This event is now over. Please contact the organizer to receive invites for future events.