This programme is designed specifically to give Tax Accountants and Accounting & Finance Personnel an overview of the Singapore Goods and Services Tax (“GST”) system and a practical understanding of the fundamentals and important concepts of GST.
You will understand how the GST rules and regulations apply to business transactions and avoid costly GST errors. As GST is a transaction-based tax, GST errors (if any) are generally recurring if the business transactions remain largely the same. With the knowledge, it further mitigates the GST risk with early detection of errors for timely rectification.
A Highlight of Key Areas:
- Overview of Singapore GST regime
- Scope of GST
- Mechanism of GST - Types of supplies
- Place, time and value of supply
- Conditions governing input tax claim and disallowed expenses
- Definition of input tax claims
- Supporting documents required
- Timing of claiming
- Bad debts relief
- Specific disallowed expenses
- Partial exemption - Common GST issues
- Fringe benefits / family benefits
- Gifts
- Recovery of expenses -disbursements Vs reimbursement
- Secondment of staff
- Deposits
- Debit and credit notes
- Foreign currency invoices - Exports of goods
- International services
- GST reporting (GST F5)
- Preparation of amended GST returns (GST F7)