IRAS Latest GST Audit Focus


Date:
18 December 2019, Wednesday

Time:
09.00AM - 05.00PM
Venue:
Hotel Venue to be Advised

Details/ Promotion:
Please click here for more details and here to register. 
Accredited tax professionals enjoy subscribers' rate (i.e. 10% discount)!
Contact:
Please refer to organiser’s webpage here.
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Programme Synopsis

GST administration in Singapore has evolved rapidly, specifically so in recent years. IRAS now has a deeper understanding of the commercial environment, through the utilisation of technology to gain an overview, as well as detailed analysis of targeted GST registered businesses (GRBs). Hence, the focus of GST audit by IRAS has moved away from just surface review of GST reports to in-depth analysis of the GST controls systems put in place by GRBs. This has enabled IRAS to address the root cause of GRBs operational concerns and gaps that is contributing to incorrect GST reporting and heavy penalties payable.

In this timely and highly practical workshop, we will examine and evaluate the contributing factors to GST gaps observed and how GRBs could minimise them to ensure effective GST management.

Programme Outline

Revisit of GST Fundamentals
  • Meaning of supply refreshed
  • Goods vs Services
  • Reference point for determining GST treatment of Goods and Services supplied

The Roles Accounting System and Available Technology Play (e.g. analytics, artificial intelligence) to Better Support GST Reporting and GST Risk Minimisation
  • Importance of GST logics and tax codes
  • Controls specified in the accounting system
  • Regular testing of the controls
  • Exception reports
  • Relying on technology to make GST risk management fun

Controls Applicable at Transaction Levels
  • Duplicate verification function and its effectiveness
  • Ability to modify base value and GST amount
  • Audit trails

The WHAT, WHY, WHEN and HOW Accounting and Tax professionals should Evolve to Effectively Manage GST Risk and Keep Penalties to a Minimum
  • 3Ws to apply when keying and verifying transactions
  • How to ascertain completeness of GST reporting

GST Reporting Aspect and the Controls Available to Support GRBs in its GST Reporting
  • Importance of Chart of Accounts
  • Looking at AP aging report
  • Sampling

Recent Updates on Taking GRBs Forward
  • IRAS recent audit initiatives
  • GST on imported service updates

About the Presenter(s)/ Trainer(s)


Mr Richard Ong
Partner & Head, GST Services
RSM Chio Lim LLP


Richard heads the GST Division in RSM Chio Lim LLP. He has more than 15 years of experience in GST with the Inland Revenue Authority of Singapore (IRAS), Deloitte & Touche LLP, and United Test and Assembly Center Ltd (UTAC). His diverse background with the tax authority, professional and commercial firms allows him to share with seminar participants a balanced view and approach towards GST risk management and compliance. Richard has spoken at public seminars in Singapore and Malaysia on topics such as Understanding Goods & Services Tax, Managing GST Risks, the GST Assisted Self-help Kit (ASK) and Malaysia GST. He is also an Accredited Tax Advisor (GST) with the Singapore Institute of Accredited Tax Professionals Limited.








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