Due Diligence Checks to Avoid Being Involved in Missing Trader Fraud
Date:
08 June 2021, Tuesday
Venue:
60 Cecil Street, ISCA House, Singapore 049709
Details/ Promotion:
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Contact:
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Programme Synopsis
From 1 January 2021, a GST-registered business will not be allowed to claim input tax if the business knew or should have known that the purchase was part of any arrangement to cause loss of public revenue.
This new “Knowledge Principle” will require GST-registered businesses to take reasonable steps to reasonably assess that their transactions were not part of a Missing Trader Fraud arrangement.
During this workshop, we will look at the IRAS’ recommended approach for the application of the Knowledge Principle framework and documents required to be maintained by GST registered businesses to avoid denial of their input tax.
On the completion of this course, you will:
- Learn what is Missing Trader Fraud (MTF) and how it takes place;
- Understand IRAS' recommended approach for applying the Knowledge Principle framework;
- Implement practical preventive and detection measures to avoid being involved in MTF arrangements and denial of the input tax.
Programme Outline
- What is Missing Trader Fraud?
- GST Legislative Amendment
- The “Knowledge Principle” - new condition for input tax claims
- Three-pillar approach for applying the Knowledge Principle Framework
- Record keeping requirements / Supporting documents
About the Presenter(s)/ Trainer(s)
Ms Catherine ChiangChartered Accountant (Singapore)
Consul Biz Consultancy Services
Accredited Tax Advisor (GST)
Catherine has more than 20 years of experience in GST consultancy, with 10 years of training experience. She has previously spent 6 years in IRAS, handling GST and Income Tax audit and almost 10 years with 2 of the Big Four international accounting firms, specializing in GST compliance and advisory work. During this period, she has accumulated extensive experience in performing GST prudential reviews, GST consultancy, GST compliance and GST training for clients.
Catherine has a Bachelor of Accountancy (Honours) degree from the National University of Singapore. She is an Accredited Tax Advisor (GST) registered with the Singapore Chartered Tax Professionals and a member of the Institute of Singapore Chartered Accountants. Catherine is also an Advanced Certificate in Training and Assessment (ACTA) certified Trainer.
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