TaxEdge Webinar Series: Stopping the Carousel (Fraud)


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Date:
09 December 2020, Wednesday

Time:
03.00 - 05.00PM
Venue:
This webinar will be conducted via Zoom

Details/ Promotion:
Please click here for more details and here to register.
Contact:
Please refer to organiser’s webpage here.
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Programme Synopsis

The lnland Revenue Authority of Singapore (IRAS) has made Missing Trader Fraud (MTF) also known as Carousel Fraud, a top priority of focus in its audit and investigation efforts. There are newspaper headlines of people under investigation for suspected involvement and the IRAS having new powers to arrest and seize goods. This was recently confirmed by the Second Finance Minister Mr Lawrence Wong in a Parliamentary response, that there are more than 300 GST-registered businesses under investigation as at end-2019, with a total tax amount of $450 million at stake.

It is not surprising that MTF arrangements are the subject of new legislative provisions introduced in the recent Goods and Services Tax (Amendment) Act 2020. The new provisions allow the IRAS to deny a taxable person’s input tax claims in circumstances where the business “knew or should have known” that its transactions were part of a fraudulent MTF arrangement. If the business “knew” that it was involved in a MTF arrangement, it could be found guilty of an offence. If the business “should have known” that it was involved in a MTF arrangement, a 10% surcharge to the input tax denied may be imposed on the business.

All GST-registered businesses will be affected to some extent. To help you understand the wide implications of the new GST provisions and the IRAS’ expectations of businesses under the new rules, please join us in our webinar where we have Mr Koh Soo How from Koh SH & Associates Pte Ltd, and Mr Yang Shi Yong and Mr Charles Li from Drew & Napier LLC, to explain the legal and practical aspects of the new rules and what it means to you.

Programme Outline

A Highlight of Key Areas:
  • What is Missing Trader Fraud (MTF)
  • The new Goods and Services Tax (Amendment) Act 2020
  • Examples of MFT arrangements
  • Circumstances that can give rise to a denial of input tax claims
  • What do you have to do to protect yourself

About the Presenter(s)/ Trainer(s)


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Mr Charles Li
Associate Director, Tax & Private Client Services
Drew & Napier LLC


Charles is dual-qualified as a lawyer and accountant. He advises on all major tax types and exchange of information matters, and is familiar with mutual legal assistance requests under the Mutual Assistance in Criminal Matters Act. He was formerly a Senior Legal Specialist (Litigation) and a Senior Tax Prosecutor with the IRAS dealing with major tax and money laundering offences. Charles has broad experience in both the private and public sectors, and in law and accountancy. This enables him to address issues with legal, commercial and regulatory acumen. He also has experience in tax appeals, judicial review and prosecutions and has negotiated many successful settlements on behalf of clients and the tax authority.

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Mr Yang Shi Yong
Director, Tax & Private Client Services
Drew & Napier LLC


Shi Yong advises on a wide spectrum of tax law including corporate and personal income tax, goods and services tax, property tax, stamp duties, and customs and excise duties, with specialisation in Singapore enterprise tax risk management, tax audit, and tax investigation matters.

He is regularly engaged on contentious and complex tax audit and investigation matters, and is deeply appreciated by his clients for his well-rounded knowledge of Singapore tax law and strong management skills. He successfully resolved a high number of these matters without prosecution.

Shi Yong’s other key strength lies in oil and gas matters. He regularly advises national oil and gas companies on downstream oil and gas matters, such as joint venture arrangements, supply and trading transactions, crude and product swap transactions, and strategic reserve procurement arrangements.

He has also advised on refinery infrastructure and assets, storage, various aspects of production sharing agreements and off-take and supply agreements, the corporate governance of oil and gas companies, and day-to-day commercial and operational matters.

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Mr Koh Soo How
Partner – GST
Grant Thornton Singapore
Accredited Tax Advisor (GST)


Soo How leads Grant Thornton Singapore’s GST practice and has over 25 years of knowledge and experience in indirect tax. He started his career in indirect tax with the IRAS as a senior member of the core team that introduced the GST in Singapore in 1994. ​

Before joining Grant Thornton, Soo How ran his own indirect tax advisory firm and was also previously a Partner at one of the Big 4 firms where he nurtured the growth of its indirect tax practice and led the firm’s Asia Pacific indirect taxes network. ​

As an established professional in GST, Soo How had been appointed by the Minister for Finance for two terms from Jan 2013 to Dec 2018 as a member of the GST Board of Review, which is an administrative tribunal established to adjudicate disputes between businesses and the Comptroller of GST.

Soo How has been consistently named as one of the world’s leading indirect tax advisors by International Tax Review for over a decade in recognition of his practical advice and solutions.​

He is an Accredited Tax Advisor (GST) with the Singapore Chartered Tax Professionals (SCTP) and sits on its GST committee.









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