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Best Practices in Managing an IRAS GST Audit

Expert Speaker Richard Ong

$650.00 (including GST)

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Overview

The Inland Revenue Authority of Singapore (IRAS) is stepping up their GST audits, especially on large businesses. According to IRAS, large businesses contribute more than 50 percent of the total GST payable, and have generally more complex business arrangements, and voluminous and high-value transactions.

IRAS GST audits is about reviewing and verifying the accuracy of the information reported in your business’ GST return. Therefore, it is critical for a GST registered business (“GRB”) to understand the key areas of GST risks and how to mitigate them. However, in practicality, GRBs still find this a challenge. This highly anticipated workshop will address your key concerns in managing GST audits.

This programme is part of the Corporate Practice Series, designed specifically to give Tax Professionals practical insights on how GRBs should maintain oversight with regards to their GST matters starting from data source (i.e. sales and purchases cycle) such that the end product (i.e. numbers extracted from accounting system) used to facilitate GST reporting, is accurate and complete.

Through a combination of interactive discussions and actual case sharing, this workshop will assist in preparing GRBs for an IRAS GST audit and/or handle an existing IRAS GST audit.

What You Will Learn

At the end of this workshop, you will:

  • Understand the trigger points and focus areas for an IRAS GST audit
  • Understand the best practices in managing an IRAS audit and how to effectively engage with IRAS during an audit
  • Acquire practical knowledge on how to enhance GRBs’ application of GST requirements in a practical business arrangement

Programme Outline

GST concept re-alignment

  • Differentiating a supply from a sale
  • The myths of looking at "bill to party" to determine whether to charge 7% GST, 0% GST or no GST
  • Simple reference points to aid in assessing GST applicable on supply of goods and services  
  • How GST mismanagement will impact cash flow and margin

IRAS GST Audit

  • GST audit possible trigger points
  • In-depth analysis of the GST return and risk areas at transaction levels (i.e. supply and purchase)
  • Potential sections (e.g. non-operating income) IRAS look at in the financial statement
  • Aligning accounting concept to GST reporting concept

Best Practice in GST Preparation and Review

  • Controls to manage GST risk at GST reporting level
  • Reliance on accounts payable aging report
  • Using technology to facilitate samples selection and identification of GST risks

Aligning GST Requirements with Practical Aspects of Running a Business: Dealing with IRAS

  • Sharing of actual business case scenarios to let participants understand how to resolve the issues by aligning GST requirements to practical challenges faced by businesses
  • Importance of effectively engaging with the tax authority during audit 

Expert Speaker

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.

If you would like us to send you an invoice, please click here to register. Otherwise, please click on “Add to Cart” and make payment with your credit card.

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Prices shown are in SGD and inclusive of 7% GST but do not include handling & shipping (if applicable)
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