Course Detail(TAX057 : GST: Managing GST Cash Flow through GST Schemes)

SDF Funding, SkillsFuture Credit

TAX057 : GST: Managing GST Cash Flow through GST Schemes

7.00 CPE Hours (Others)
Classroom

Programme Objective

Over two decades’ of tax administration, many GST Schemes have developed and it has become one of the unique features of our GST system in Singapore. Do these strings of names such as MES, IGDS, ACMT, AMCS, AMFT, AISS, ARCS, A3PL sound familiar to you?
 
All such GST schemes are designed with specific purpose to ease compliance and ultimately, GST cash flow of the qualifying businesses. You may have the perception that the entry tests of the scheme are too complex and difficult to be qualified.
 
The one-day workshop aims to unveil some confusion that some may have on the GST Schemes. Knowing the schemes would be a good start before making an informed decision and taking advantage of the most appropriate scheme.

Programme Outline

  • Policy Rationale for the design of GST Schemes;
  • Recap – Some Important Concepts of
  • Imports and Exports
  • International Services
  • Local Supplies
  • General Schemes:    
  • Major Exporter Scheme (MES),
  • Import GST Deferment Scheme (IGDS);
  • Specialised Warehouse Scheme;
  • Cash Accounting
  • Industry-specific Schemes:    
  • Approved Contract Manufacturer and Trader Scheme (ACMT);
  • Aerospace and Marine related Schemes;
  • Approved Import Tax Suspension Scheme (AISS)
  • Approved Marine Fuel Trader Scheme (AMFT);
  • Approved Marine Customer Scheme (AMCS);
  • Approved Third Party Logistics Company Scheme (A3PL);
  • Approved Refiner and Consolidator Scheme (ARCS).
  • The Pros (e.g. GST Cash Flow advantage) and Cons (additional compliance requirements) of each scheme.


Training Methodology

Lecture style, with Case Studies and Examples.


Closing Date for Registration

1 week before programme or until full enrolment.

Intended For

CFO, Directors, CEOs, Partners, Sole proprietors, and senior accounting and tax professionals of any organization who like to broaden their perspective of the GST issues and have an in-depth knowledge of the GST Schemes. 

Competency Mapping

Others = 7.00 Hours

Schedule & Fees

Date & Time

07 Dec 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Eng Li Ming

Date & Time

15 Dec 2017 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Eng Li Ming

Date & Time

05 May 2017 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Eng Li Ming

Testimonial

Funding

1] SkillsFuture Credit (SFC)
Funding Period: Until 8 April 2020  
Course Reference Number: CRS-N-0035493

All Singaporeans aged 25 and above will receive an opening credit of S$500 from the government. The credits will not expire and periodic top-ups will be provided by the government. SFC may be accumulated to pay for skills related course fees. You may wish to use your SFC to pay for partial/full ISCA course fees.  (For more information on the SFC scheme, please visit http://www.skillsfuture.sg/credit)

If you wish to enrol for the course with SFC Funding, please proceed with the following steps:

  • Step 1: Register for the course online via ISCA Portal. Upon adding to cart, the system will prompt a question “Do you wish to apply for SkillsFuture Credit?”, click “Yes” and input all required information. At the Cart page, please ensure that SFC funding is applied before clicking “Checkout”.
  • Step 2: After successful enrolment, please proceed to submit SFC claim on Skillsfuture Portal within 60 days before the course start date and obtain the necessary approval. Please submit SFC claim via SFC portal here: http://www.skillsfuture.sg/credit.

Failure to submit claim application and obtain necessary approval before the course start date will result in topping up of the SFC indicated for use. Please note that there will be an administrative fee of $42.80 for any revision of invoice.


2] WDA Training Grant - SDF Funding
This course is approved for SDF funding ($2 per training hour) for Company-sponsored participants only (Eligibility criteria apply). 

Funding Period: Until 8 April 2020  
Funded Hours: 7 hours
Course Reference Number: CRS-N-0035493

If you wish to enrol participants with SDF Funding, please proceed with the following steps (For Corporate enrolments only) :

  • Step 1: Register for the course online via ISCA Portal. Upon adding to cart, the system will prompt a question “Do you wish to apply for WDA Funding?”, click Yes and input all required information. At the Cart page, please ensure that SDF funding is applied before clicking “Checkout”.
     
  • Step 2: After successful enrolment, please proceed to submit the Training Grant application via SkillsConnect Portal here: https://www.skillsconnect.gov.sg/

Employers of company-sponsored participants must submit training grant via SkillsConnect system to obtain training grant for course fees. You may submit the Training Grant application within the period from 30 days before the course start date to 30 days after course start date. Please note that there will be an administrative fee of $42.80 for any revision of invoice.

Eligibility Criteria:

  • Company must be registered or incorporated in Singapore and;
  • Applicant is taking the course for the first time.
  • Applicant must be employed, and is either Singapore Citizen or Permanent Resident of Singapore and;
  • Applicant must achieve at least 75% attendance, and pass all examinations /assessments and;
  • Applicant must be fully sponsored by the Company for all costs associated with the training and;
  • Payment has to be made via corporate means (e.g. corporate cheque, corporate GIRO, corporate credit card).

Programme Facilitator(s)


Mrs Eng Li Ming
Accredited Tax Advisor (GST) of the Singapore Institute of Accredited Tax Professionals (SIATP)
 
Li Ming is an Accredited Tax Advisor (GST) of the Singapore Institute of Accredited Tax Professionals (SIATP). She customizes GST compliance review and training programmes for businesses, local CPA firms or foreign tax administrations. The customized programmes for tax administrations have benefited various local tax offices in China, Brunei-Ministry of Finance, Maldives Inland Revenue Authority, The Seychelles Tax Administration,  Royal Malaysian Customs Department (“RMCD’), some African countries and a GST office in one of the states in India.  Also, she conducts practical workshops (e.g., for Institute of Singapore Chartered Accountants) or structured training programmes (e.g., for Tax Academy) in the GST areas that she specializes.
 
Before 2012, Li Ming was a Tax Director of GST-Large Businesses Branch in the Inland Revenue Authority of Singapore (IRAS). She is one of the pioneers personally and actively engaged in preparing for Singapore’s “non-event” GST implementation.
In the last two decades, she made significant contributions to the GST administration, improving business friendliness and operational efficiency. These are reflected in resolving technical issues and dealing with GST rulings, initiating and implementing GST policy changes for the various sectors which range from manufacturing, real estate, telecommunications, logistics, and the financial industries.
 
On the compliance front, she was personally involved in the development of two compliance programmes specifically designed by IRAS to facilitate voluntary compliance - Assisted Self-help Kit (ASK) and Assisted Compliance Assurance Programme (ACAP). Such programmes were successfully launched and have been well-received by GST-registered businesses. 

 

Programme Objective

Over two decades’ of tax administration, many GST Schemes have developed and it has become one of the unique features of our GST system in Singapore. Do these strings of names such as MES, IGDS, ACMT, AMCS, AMFT, AISS, ARCS, A3PL sound familiar to you?
 
All such GST schemes are designed with specific purpose to ease compliance and ultimately, GST cash flow of the qualifying businesses. You may have the perception that the entry tests of the scheme are too complex and difficult to be qualified.
 
The one-day workshop aims to unveil some confusion that some may have on the GST Schemes. Knowing the schemes would be a good start before making an informed decision and taking advantage of the most appropriate scheme.

Programme Outline

  • Policy Rationale for the design of GST Schemes;
  • Recap – Some Important Concepts of
  • Imports and Exports
  • International Services
  • Local Supplies
  • General Schemes:    
  • Major Exporter Scheme (MES),
  • Import GST Deferment Scheme (IGDS);
  • Specialised Warehouse Scheme;
  • Cash Accounting
  • Industry-specific Schemes:    
  • Approved Contract Manufacturer and Trader Scheme (ACMT);
  • Aerospace and Marine related Schemes;
  • Approved Import Tax Suspension Scheme (AISS)
  • Approved Marine Fuel Trader Scheme (AMFT);
  • Approved Marine Customer Scheme (AMCS);
  • Approved Third Party Logistics Company Scheme (A3PL);
  • Approved Refiner and Consolidator Scheme (ARCS).
  • The Pros (e.g. GST Cash Flow advantage) and Cons (additional compliance requirements) of each scheme.


Training Methodology

Lecture style, with Case Studies and Examples.


Closing Date for Registration

1 week before programme or until full enrolment.

Intended For

CFO, Directors, CEOs, Partners, Sole proprietors, and senior accounting and tax professionals of any organization who like to broaden their perspective of the GST issues and have an in-depth knowledge of the GST Schemes. 

Competency Mapping

Others = 7.00 Hours

Programme Facilitator(s)

Mrs Eng Li Ming
Accredited Tax Advisor (GST) of the Singapore Institute of Accredited Tax Professionals (SIATP)
 
Li Ming is an Accredited Tax Advisor (GST) of the Singapore Institute of Accredited Tax Professionals (SIATP). She customizes GST compliance review and training programmes for businesses, local CPA firms or foreign tax administrations. The customized programmes for tax administrations have benefited various local tax offices in China, Brunei-Ministry of Finance, Maldives Inland Revenue Authority, The Seychelles Tax Administration,  Royal Malaysian Customs Department (“RMCD’), some African countries and a GST office in one of the states in India.  Also, she conducts practical workshops (e.g., for Institute of Singapore Chartered Accountants) or structured training programmes (e.g., for Tax Academy) in the GST areas that she specializes.
 
Before 2012, Li Ming was a Tax Director of GST-Large Businesses Branch in the Inland Revenue Authority of Singapore (IRAS). She is one of the pioneers personally and actively engaged in preparing for Singapore’s “non-event” GST implementation.
In the last two decades, she made significant contributions to the GST administration, improving business friendliness and operational efficiency. These are reflected in resolving technical issues and dealing with GST rulings, initiating and implementing GST policy changes for the various sectors which range from manufacturing, real estate, telecommunications, logistics, and the financial industries.
 
On the compliance front, she was personally involved in the development of two compliance programmes specifically designed by IRAS to facilitate voluntary compliance - Assisted Self-help Kit (ASK) and Assisted Compliance Assurance Programme (ACAP). Such programmes were successfully launched and have been well-received by GST-registered businesses. 

 

Upcoming Schedule

Registration is closed

Date & Time

07 Dec 2018 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 329.56
For Non-Members: $ 398.04

Programme Facilitator(s)

Eng Li Ming

Venue

60 Cecil Street
ISCA House
Singapore 049709