Recent Practical GST Challenges at the Workplace

Date:

21 December 2020, Monday

Time:

09.00AM - 05.00PM

Venue:

Hotel Venue to be Advised

Details/ Promotion:

Please click here for more details and here to register.
Accredited tax professionals enjoy subscribers' rate (i.e. 10% discount)!

Contact:

Please refer to organiser’s webpage here.

Share the Event:

Programme Synopsis

While most of us have been telecommuting since the circuit breaker in early April 2020, technology advancement and industry knowledge gained has supported the intensity of IRAS GST audit focus on routine areas as well as targeted industries.

It is therefore timely that the presenter will be sharing how GRBs should stay relevant in revisiting the fundamentals, GST gaps commonly missed out due to lack of team work, understand the importance of working closely with colleagues, tools and skill sets to gather collectively to gradually close and minimise GST gaps.

Programme Outline

A Highlight of Key Areas:

Revisit the Fundamentals
- Summary of the “To know” of GST [e.g. supply/purchase (goods & service)]
- Essential business knowledge
- Key factors of the business eco-system in managing GST (with real case illustration)
GST Gaps Commonly Observed
- Supply classification not updated to align with business model calibration
- Minimal awareness of logics supporting GST codes assigned at customer master level
- Weak collaboration between personnel at the workplace (e.g. finance/tax personnel with operation/sales/logistics/human resource colleagues)
- System configuration setting leading to rounding differences for foreign currency transactions
- Decentralised approach of handling GST claims made on non-operational cost
- Loose concept of completeness of documentation and controls applied on invoices raised and received for sales and purchase transactions
GST Effectiveness through Team Work
- Alignment of process and control
- Common goal approach to minimise GST risk
Recent Updates on Taking GRBs Forward
- IRAS recent direction

About the Presenter(s)/ Trainer(s)

Mr Richard Ong
Partner & Head, GST Services
RSM Chio Lim LLP

Richard heads the GST Division in RSM Tax Pte Ltd (“RSM”). He has more than 20 years of experience in GST with the Inland Revenue Authority of Singapore (IRAS), Deloitte & Touche LLP, and United Test and Assembly Center Ltd (UTAC) and RSM. His diverse background with the tax authority, professional and commercial firms allows him to share with seminar participants a balanced view and approach towards GST risk management and compliance.

Richard has spoken at public seminars in Singapore and Malaysia on topics such as Understanding Goods & Services Tax, Managing GST Risks, the GST Assisted Self-help Kit (ASK) and Malaysia GST. He is also an Accredited Tax Advisor (GST) with the Singapore Institute of Accredited Tax Professionals Limited.

Upcoming Events You May Also Be Interested In

26Apr

SCTP: Explaining the Intricacies of E-Invoicing (Live Webinar)

29Apr

Managing GST Audits (Synchronous e-learning)

10May

GST: Understanding Input Tax Recovery Rules (Live Webinar)

15May

2024 GST Series: Grasping the Essential Concepts of GST

Back to Events Calendar

PROFESSIONAL DEVELOPMENT

Upcoming Events
Tax Articles and Webinars On-demand
Tax News
Taxlogues (members-only access)
The Region's Tax

Please click here for speaking opportunities at SCTP's events.

JOIN US

Benefits and Privileges of Accreditation
Accreditation Criteria
Membership Fees
FAQs
Apply Now

Please click here for possible publication of your article.

SINGAPORE CHARTERED
TAX PROFESSIONALS

101 Thomson Road
#28-02, United Square
Singapore 307591

Tel: +(65) 6360 5960
Email: enquiry@sctp.org.sg
Data Protection Officer:
dpo@sctp.org.sg

Operating Hours
Mondays to Fridays: 9am – 5.30pm
Weekends and Public Holidays: Closed

Add Me to Mailing List

Join SCTP’s Telegram Channel

This site is best viewed in Google Chrome and Mozilla Firefox. Please use the print-friendly icon on the left for optimum prints.