As the Inland Revenue Authority of Singapore (IRAS) sharpens its risk-based approach to tax compliance, GST audits are becoming more targeted, data-driven and consequential. With IRAS increasingly leveraging data analytics to identify anomalies, tax professionals and financial accountants must stay ahead of current enforcement trends to avoid costly audit outcomes.
Join Accredited Tax Advisor (Income Tax & GST) Mr Chai Yee Hoi, Tax Director at Acctax Management Consultancy, at this in-person, intensive workshop for a comprehensive overview of the IRAS GST audit landscape. Gain insights into why specific industries are targeted, key audit focus areas for the year ahead – including Missing Trader Fraud and property transactions – and common errors that trigger penalties.
Go beyond theory with practical guidance on audit readiness. Learn how to conduct effective pre-audit health checks, manage post-audit voluntary disclosures, and strengthen your organisation’s GST governance with confidence.
1. The IRAS Audit Framework: Why and How
- Understanding the IRAS risk-based approach to compliance.
- Triggers for an audit: Refund claims, industry-specific risks, and data anomalies.
- The shift towards data-driven audits and what it means for taxpayers.
2. Current Areas of Focus for GST Audits (The "Hot Spots")
- Missing Trader Fraud: Identifying “too good to be true” deals and the critical importance of due diligence checks (Knowledge Principle).
- Low-Value GST Refund Claims:
- Scrutiny on dormant businesses claiming input tax.
- Common pitfalls: Claims on private expenses (family, medical, cars) and unsupported claims.
- Documentation requirements for zero-rated exports. - Property Transactions:
- Sale of Non-Residential Properties: Accounting for GST on option fees and remaining sums.
- Disposal of business assets and “deemed supplies”.
3. Preparing for an Audit (Pre-Audit Strategies)
- Conducting internal “Health Checks”: Reviewing past returns and record-keeping standards.
- Utilizing the Voluntary Disclosure Programme: How to self-correct errors for reduced penalties before IRAS strikes.
- Essential documentation: Ensuring tax invoices, import permits, and export evidence are audit-proof.
4. Managing the Audit Process (Post-Audit Actions)
- Effective engagement with IRAS officers during site visits and interviews.
- Responding to queries: Best practices for disclosure.
- Understanding the consequences: Penalties, surcharges, and mitigation pleas.
SCTP reserves the right to vary any aspect of the event/ webinar should the situation warrant or due to unforeseen circumstances. This includes but not limited to the following: cancel the programme, change the venue, speakers, programme dates, fees and CPE hours. SCTP will take reasonable effort to notify participants of the changes.