IRAS identifies Missing Trader Fraud arrangements to be one of the key compliance risks areas among taxpayers and conducts extensive audits and investigations on businesses and individuals involved in such fraudulent arrangements. Your business could also unknowingly become a party in the fraudulent supply chain, and ignorance is not bliss as IRAS is taking firm actions against any individuals or businesses involved in the MTF, knowingly or not.
IRAS has deemed that businesses should bear responsibility to undertake the necessary precautions, and be accountable for the GST arising from transactions they take part in. Businesses should undertake appropriate due diligence checks in a risk-based and proportionate manner to avoid being involved in a Missing Trader Fraud arrangement.
This timely workshop will delve into the due diligence checks you can conduct to ensure your business steers clear of MTF arrangements. We will also look at the common errors made by GST-registered Businesses in their GST submissions. You will pick up practical pointers on how you can avoid similar errors and improve your GST compliance.
A Highlight of Key Areas:
Missing Trader Fraud (MTF)
- What is MTF?
- Illustration of different arrangements
- Legislative arrangements
- Recent prosecution cases on MTF
Due Diligence Checks to Avoid being involved in MTF
- The Knowledge Principle
- The Three-pillar approach
- Processes / Checklists / Supporting documents
Common Errors made by GST-registered Businesses in their GST submissions
- Common GST errors
- Supplies and output tax errors
- Purchases and input tax errors - IRAS’ GST audit
- Common errors noted by IRAS - Improving Compliance
- Understanding the GST rules
- GST self-review / checks