Join us for updates and an in-depth analysis on the practical issues and problems that businesses face and how to better manage them.
Since 2015, the Inland Revenue Authority of Singapore (IRAS) has stepped up its GST compliance audits on large businesses across various industries. According to the IRAS, 77% of the businesses audited made GST errors and these errors could attract penalties of up to two times the tax underpaid and a 5% late payment penalty.
Based on the IRAS’ FY2019/20 annual report, S$180m in penalties and taxes were collected as a result of GST audits and investigations conducted by the IRAS – making up almost half the amount of penalties and taxes collected by the IRAS from audits and investigations conducted during the financial year.
To improve GST compliance and minimise GST errors and penalties, businesses should adopt a proactive approach by regularly reviewing their past GST returns to prevent, detect and rectify errors in a timely fashion.
Many GST errors arise due to a lack of knowledge of the GST rules and regulations. It is critical that the staff responsible for the company’s GST returns are equipped with the necessary GST knowledge.
This workshop provides an excellent platform to help participants keep abreast of GST legislative changes. It also provides valuable insights into common GST risk areas and errors and help participants improve GST compliance of the business.
Join us for updates and an in-depth analysis on the practical issues and problems that businesses face and how to better manage them. All participants will attend the main module on “Common GST issues” and they can choose any of the following optional modules:
- All about goods
- All about services
- Preparation of GST forms