GST administration in Singapore has just crossed its 30th year. Based on the latest statistics released by the Inland Revenue Authority of Singapore (“IRAS”), GST collection has grown to S$16.6 billion for FY 2023/2024 and similar growth momentum would expect to continue into FY 2024 / 2025.
To support GST registered businesses (GRBs) in aligning with changes and various updates, this topical and practical workshop by Wolters Kluwer will share with representatives of GRBs, the contributing factors for the rising GST revenue collection by IRAS. Find out the Top 10 focus areas on common GST reporting errors picked up by IRAS GST audit, the 3W1H approach to manage and minimise GST reporting risk as well as what should be done at GST reporting phase to level the playing field with IRAS.
A Highlight of Key Areas:
Back to Basics
- GST value chain
- Supply & Purchase
- Recovery of expenses
- Deeming
- Key fundamentals
IRAS GST Audit: Top 10 focus areas on Common GST Reporting Errors
- Transaction level aspect
- GST reporting level aspect
- Bonus areas
3W1H Approach
- What to look out for
- Why does it happen
- Where to start
- How to take things forward
- Practical approach to manage GST risk
Level the Playing Field
- Using tools to support GST risk management
- Common myths to avoid
- Applying what we know
- Taking action
- Controls to contain risk
- GST InvoiceNow