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A Practical Guide to Goods and Services Tax (GST): Understanding the Fundamentals and Concepts and Avoiding the Common Pitfalls

Expert Speaker Lau Gim Hoon

$449.40 (including GST)

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Overview

This programme is designed specifically to give Tax Accountants and Accounting & Finance Personnel an overview of the Singapore Goods and Services Tax (“GST”) system and a practical understanding of the fundamentals and important concepts of GST. 

You will understand how the GST rules and regulations apply to business transactions and avoid costly GST errors. As GST is a transaction-based tax, GST errors (if any) are generally recurring if the business transactions remain largely the same. With the knowledge, it further mitigates the GST risk with early detection of errors for timely rectification. 

What you will learn

By the end of this workshop, you will:

  • Have a good understanding of the practical issues arising from the current GST regime
  • Have a practical understanding of the selected schemes available to ease your organisation’s cash flow from GST perspective
  • Have a good grasp of basic GST concepts  in compliance with the Goods and Services Tax Act
  • Have a practical understanding on how a GST returns is prepared 

Programme Outline

  • Overview of Singapore GST regime
    • Scope of GST
    • Mechanism of GST 
  • Types of supplies
  • Common GST schemes 
  • Conditions governing input tax claim and disallowed expenses
    • Definition of input tax claims 
    • Supporting documents required 
    • Timing of claiming 
    • Bad debts relief 
    • Specific disallowed expenses
    • Partial exemption
  • Common GST issues 
    • Fringe benefits / family benefits 
    • Gifts 
    • Recovery of expenses -disbursements Vs reimbursement 
    • Secondment of staff 
    • Absorption of GST
    • Discount Vs rebate
    • Deposits 
    • Debit and credit notes
    • Foreign currency invoices   
  • Exports of goods 
  • International services 
  • GST reporting (GST F5)
  • Preparation of amended GST returns (GST F7)
  • Common errors and case studies 
  • Voluntary disclosure of errors
  • Voluntary compliance initiatives

Target Audience

  • Tax Accountants
  • Accounting & Finance Personnel
  • Executives who would like to have a practical understanding of GST fundamentals and the important concepts 

Expert Speaker

Lau Gim Hoon

Gim Hoon is an Accredited Tax Advisor (Income Tax) with the Singapore Institute of Accredited Tax Professionals, and has more than 30 years of experience in GST and Corporate Tax consultancy. 

She had previously spent more than 10 years with one of the big four international accounting firms and almost 20 years in large corporations and public listed companies. She specialised in corporate tax compliance (including handling IRAS queries, tax audit and cross border issues) and advisory work for inbound and outbound investments. 

Gim Hoon is able to explain complex tax concepts, and shares practical examples and cases drawn from her vast and practical experience, thus ensuring participants’ effective application of the acquired knowledge. She is currently an adjunct faculty member at the Singapore University of Social Sciences and teaches the tax module for its Accountancy programme.

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