For the longest time, GST has been perceived as a simple tax by businesses given that the tax is broad-based, with few exemptions and a single standard rate of 7%. For businesses that are registered for GST in Singapore, this may even be viewed as a pass-through tax as businesses would generally be able to claim the GST incurred on expenses. But is this really the case?
25 years following the implementation of GST, businesses are not making less errors in their GST reporting. This is evidenced by the recent statistics released by the Inland Revenue Authority of Singapore (IRAS) sharing that they have stepped up GST compliance audits on large businesses since 2015. 77% of these businesses audited made GST errors and the total amount of tax and penalties recovered is S$73 million.
Considering that such large businesses would usually have an in-house tax team or tax person(s) to take care of their GST reporting, you may wonder how and why errors can still be made, not to mention the likelihood of GST errors if the business does not have an in-house tax team or person(s).
Join Accredited Tax Advisor (GST), Ms. Yvonne Chua, GST Partner at Baker Tilly, as she shares with you the common GST risk areas and how you should get yourself ready for GST audits. She will also share recent GST updates and developments (e.g. Reverse Charge) that may impact your businesses.
- What gives rise to GST risks and the common GST risk areas?
- Managing the GST risk and improving GST compliance
- Understanding GST audits and getting ready
- Recent GST Updates and Developments (e.g. Reverse Charge and Overseas Vendor Registration regimes)
2.5 CPE Hours
600 North Bridge Road, #05-01, Parkview Square, Singapore 188778
Date & Time:
24 September 2019, Tuesday
9.30am to 12 noon
Registration starts at 9.00am
Light refreshments will be served
$80 (SIATP/ISCA Member/ Baker Tilly Client)
$120 (Non-Baker Tilly Client)
19 September 2019, or when seats are filled
For enquiries, please reach out to Ms. Amy Sim, Senior Manager, GST, email@example.com.
Ms. Yvonne Chua
Partner, Goods and Services Tax (GST)