The number of GST audit cases has been on the uptrend in the recent years, with FY2007/08 registering a whopping 69% jump in taxes and penalties over FY2006/07, compared to a decreasing trend in the income tax audit cases. Of the total tax & penalties, GST accounts for 58% in FY2008/2009. With the IRAS stepping up its GST audit efforts and the recent publishing of cases of offence, one would agree that GST compliance is pivotal for the smooth operation of the business, as once an audit commences, the amount of resources required to resolve the issues and tax position, plus possible penalties with the resulting impact would be significant. For the first time, the IRAS has publicly named the sectors it is focusing its GST audit this year. They include the wholesale electronics traders, SME manufacturers, motor traders and marine fuel traders.
The Singapore Business Federation is proud to present this half-day workshop on "Understanding GST to avoid common pitfalls and manage audit queries" which will provide an insight into the fundamental GST concepts and tips on how to avoid some common pitfalls in managing the overall GST compliance of the business.
| Workshop Curriculum |
- Overview of GST
- Basic GST concepts: place, time and value of supply
- Difference between reimbursements & disbursements
- Common mis-conception about zero-rating of goods & services
- GST reliefs & schemes available to manage your GST cash flow
- Common pitfalls, practical examples & case studies
- Tips on reasonable checks before e-filing your GST returns
- Recent updates on GST
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About the Workshop Leader
Eu Chin Sien, Director, GST Services, RSM Chio Lim LLP
Ms Eu Chin Sien has more than 13 years of experience in handling GST compliance and advisory matters. Prior to joining RSM Chio Lim LLP, Chin Sien was a Senior Manager with PricewaterhouseCoopers Services Pte Ltd (PwC) where she specialised in GST for 8 years. At PwC, Chin Sien assisted businesses primarily in the non-financial industry, including manufacturing, import and export, real estate, shipping, advertising and non-profit organisations on various GST matters. Her key achievements included the successful recovery of GST in excess of millions for clients.
Chin Sien also conducts public GST workshops and seminars. She spent more than 4 years with the Inland Revenue Authority of Singapore (IRAS) where she led a team as a Senior Tax Auditor in conducting GST compliance audits of varied industries.
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