TaxEdge Webinar Series: Stopping the Carousel (Fraud)

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09 December 2020, Wednesday

03.00 - 05.00PM
This webinar will be conducted via Zoom

Details/ Promotion:
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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 and property tax, 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. He also regularly advises national oil and gas companies on downstream oil and gas matters, such as joint venture arrangements, supply and trading transactions and strategic reserve procurement arrangements.

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Mr Koh Soo How
Executive Director
Koh SH & Associates
Accredited Tax Advisor (GST) 

Soo How, Executive Director, Koh SH & Associates, brings with him over 25 years of knowledge and experience in indirect tax gained through working with the tax authority and in a Big 4 firm where he nurtured the growth of the Goods and Services Tax (GST) practice.

Known for his pragmatic approach and sound advice and solutions, Soo How has been named as one of the world's leading indirect tax advisers by International Tax Review since 2011. He was appointed by the Minister of Finance to be a member of the GST Board of Review which is an administrative tribunal established to hear appeals on GST matters. Soo How is also the Chief Editor of LexisNexis’s “Goods and Services Tax – Law & Practice (2nd Edition)”.

Soo How spent a number of years working overseas on corporate income tax and GST matters. In Singapore, he has more than 20 years of relevant experience in GST, having started out as a member of the GST team at the IRAS that was responsible for the implementation of the GST system in 1994. He was an Assistant Comptroller of GST with the primary responsibility to set up the GST audit function and develop policy as well as operational rules for the GST treatment of specialised issues and transactions such as the export of goods, tourist refunds, and record-keeping requirements. His policy and implementation experience has led him to be involved in discussions with overseas policy makers (including China and Malaysia) on their indirect tax reforms.


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