GST Fraud: New Law Protecting the Right to Claim Input Tax Effective 2021 - Preventing Missing Trader Fraud (MTF) or Carousal Fraud


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Date:
25 November 2020, Wednesday

Time:
09.00AM - 12.30PM
Venue:
Hotel Venue to be Advised

Details/ Promotion:
Please click here for more details and here to register.
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Contact:
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Programme Synopsis

A GST registered supplier is obliged to collect the GST paid by its purchaser and pay the GST to the Comptroller of Goods and Services Tax (CGST).

The recent Draft Goods and Services Tax (Amendment) Bill 2020 (the “Draft Bill”) authorises the CGST to deny input tax claims by suppliers in the supply chain who are not directly involved in MTF and the law introduced by the Draft Bill is expected to come into effect on 1 January 2021.

In this seminar, expert speaker Liu Hern Kuan, who currently represents clients affected by MTF, will outline legal and practical issues surrounding MTF and carousal fraud, including when a supplier knew or ought to have known that a supply was part of a fraudulent arrangement under the current law and under the new framework.

Programme Outline

A Highlight of Key Areas:

Introduction to Missing Trader Fraud ("MTF") and Carousal Fraud
  • What is MTF and Carousal Fraud and the GST regime applicable
  • Two Parts of the Chain: Input Tax and Zero-Rating
  • Singapore's Experience with MTF
  • Customer Accounting to Combat MTF

Denial of Input Tax Claim: Law Applicable
  • The Pre-Amendment Position
  • The UK/ EU Position
  • The Proposed Legislation
  • Steps to Protect Yourself
  • Appeal process to the GST Board of Review

Criminal Prosecution Liabilities
  • GST offences applicable
  • Criminal prosecution process

Q&A

About the Presenter(s)/ Trainer(s)


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Mr Liu Hern Kuan
Head of Tax
Tan Peng Chin LLC


Hern Kuan has wide experience in Revenue Law, having lectured in it at the Law Faculty in NUS, practiced as a tax manager in Big-4 accounting firms and as head of tax in a major law firm. He was also the Chief Legal Officer of Singapore’s national tax authority, the Inland Revenue Authority of Singapore (IRAS), for some 10 years.

At IRAS, Hern Kuan ran a team that provided legal and tax advice on all tax law matters to IRAS’ operational divisions. He was IRAS’s lead counsel in several landmark Income Tax, Property Tax and Stamp Duty cases including JD Pte Ltd (interest restriction formula), IA (nature of interest expense), T Ltd (commencement of business) and AQP (theft of company funds by director) and AQQ (application of GAAR).

Hern Kuan currently represents several clients who have had their input tax credit claims denied by the Comptroller of GST on the basis of Missing Trader Fraud.








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