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Recovery of GST Incurred on Purchases

Mastering Input Tax Recovery Rules and Avoiding Common Errors

Expert Speaker Catherine Chiang

$663.40 (including GST)

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EARLY BIRD SPECIAL: Save 10% when you register by 14 Feb 2019. Use code FEB19 at checkout.

Overview

When purchasing from GST-registered suppliers or importing goods into Singapore, you may have incurred GST (input tax). You can claim input tax incurred when you satisfy the conditions for making such a claim. The claim should also be made during the accounting period that matches the date shown in the tax invoice or import permit unless you meet the administrative concession granted by the IRAS. How do you know what, when and how much to claim?

 

A good understanding of input tax recovery rules is critical in delivering optimal GST recovery/claims whilst mitigating the risk of penalties. With a clear understanding of these rules, you will know how to examine the conditions that determine when GST can be recovered and how to correctly post the accounting entries for purchases by applying the correct tax treatment for each transaction.

 

This programme is designed specifically to give Accounting and Tax Professionals more clarity to the key areas of concern on the recovery of GST on purchases.

 

What You Will Learn

At the end of this workshop, you will:

  • Gain step by step guidance to understanding the conditions for your business to recover GST incurred on purchases
  • Better understand when to claim and when not to claim GST for your purchases
  • Appreciate the GST rules on purchases: Input tax recovery conditions, deemed output tax, fringe benefits and business expenses
  • Learn to avoid the common errors on input tax claims

 

Programme Outline

The Fundamental Building Blocks

·         Mechanics of GST

·         Basic GST concepts

o    Different types of supplies / purchases

o    Standard-rated, zero-rated and exempt supplies

 

Input Tax Recovery Rules

·         Conditions

·         Purchase GST that cannot be claimed

 

When can GST be Claimed

·         Time of claiming

·         Evidence needed to claim GST

o    Tax invoice

o    Simplified invoice

o    Import permit

·         Purchases by employees

 

Determining the Amount of GST to Claim

·         De-minimis rule

·         Attribution / apportionment

·         The impact of partial exemption

 

Specific Expenses

·         Gifts

·         Fringe benefits

·         Business entertainment

 

Common Errors on Input Tax Claims

·         Understanding the common errors, and avoid making them in your claims

 

Recent Updates

 

Practical examples and cases will be used to facilitate learning and understanding for the various sections.

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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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