To level the GST playing field for all services consumed in Singapore, the Minister for Finance announced in Budget 2018 that a reverse charge regime will be implemented from 1 Jan 2020 to tax imported services.
On 22 August 2019, the IRAS released their latest e-Tax Guide providing some much-needed clarity to the implications and interpretation of the proposed rules.
This workshop aims to provide participants with an understanding of the following: -
- A recap of the general partial exemption rules in Singapore, which will provide the building blocks for a sound understanding of the Reverse Charge and its implications
- Applicability and corresponding implications of the Reverse Charge including the relevant compliance and reporting obligations
Partial exemption (the building block for understanding the GST reverse charge):
- what is partial exemption
- de minimis test
- applicability and impact of regulation 33, 34 and 35
- apportionment, calculation and longer periods
GST Reverse Charge:
- who will be affected by the reverse charge and its implications
- preparing for the reverse charge
- the value and calculation of the reverse charge
- when to apply the reverse charge
- transitional provisions and rules