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Overcoming Common GST Errors and Pitfalls

Improving Compliance and Avoiding Costly Penalties

Expert Speaker Catherine Chiang

$663.40 (including GST)

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EARLY BIRD SPECIAL: Save 10% when you register by 21 Dec 2018. Use code DEC18 at checkout.

Overview

IRAS Annual Report FY2017/2018

Amount Collected From GST Audits*

S$219.54 million

* As a result of errors and penalties

Average Collection in Tax and Penalties in FY2017/2018

From GST Audits

S$76.82K per case

The latest IRAS Annual Report FY2017/2018 reveals that there is an amount of S$219.54 million recovered from GST-registered businesses. This is primarily a result of GST errors discovered through IRAS’ audit. This amount represents a 30% increase as compared to the previous financial year.

Any GST errors or omissions discovered through IRAS' audit will attract penalties of up to two times the tax underpaid and a 5% late payment penalty.

Therefore, it is crucial for GST-registered businesses to be able to identify and address the key GST errors immediately. In addition, a strong understanding of the exposures, the law and penalties in relation to GST compliance is a must.

Through the use of case examples and scenarios, this practical workshop will equip you with the necessary skills required to confidently and accurately file your GST returns.

What you’ll learn

At the end of this workshop, you will:

  • Understand how to identify and address common GST errors and key areas of concern
  • Understand better how to apply the GST law/guides with the use of updated practical examples
  • Learn to avoid costly penalties by getting your GST returns right

Programme Outline

Common GST Errors

  • Standard-rated supplies and output tax errors
  • Zero-rated supplies errors
  • Exempt supplies errors
  • Taxable purchases and input tax errors
  • Common errors noted by IRAS during their GST audits
  • Case examples

 

Improving Compliance

  • Understanding GST requirements
  • Penalties for incorrect GST submission
  • Voluntary disclosure of errors
    • How to quantify GST adjustments
  • Case examples


Expert Speaker

Catherine Chiang is a Senior Consultant (GST) in Consul Biz Consultancy Services. She has previously spent 6 years in the IRAS, handling GST and Income Tax audit and almost 10 years with 2 of the Big Four international accounting firms, specialising in GST compliance and advisory work. During this period, she has accumulated extensive experience in performing GST prudential reviews, GST consultancy, GST compliance, GST audits and GST training for clients. Catherine has a Bachelor of Accountancy (Honours) degree from the National University of Singapore. She is an Accredited Tax Advisor (GST) registered with the Singapore Institute of Accredited Tax Professionals and a member of the Institute of Singapore Chartered Accountants. Catherine is also an ACTA certified Trainer.

Enquiries: 6211 3935; amy.wong@wolterskluwer.com / 6211 3939; sandi.teoh@wolterskluwer.com  

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