The format of this course is a Live Webinar. A detailed set of instructions on the Live Webinar will be sent to you closer to date.

Programme Objective

From 1 January 2021, a GST-registered business will not be allowed to claim input tax if the business knew or should have known that the purchase was part of any arrangement to cause loss of public revenue.

This new “Knowledge Principle” will require GST-registered businesses to take reasonable steps to reasonably assess that their transactions were not part of a Missing Trader Fraud arrangement.

During this workshop, we will look at the IRAS’ recommended approach for the application of the Knowledge Principle framework and documents required to be maintained by GST registered businesses to avoid denial of their input tax. 

On the completion of this course, you will:

• Learn what is Missing Trader Fraud (MTF) and how it takes place;
• Understand IRAS' recommended approach for applying the Knowledge Principle framework; 
• Implement practical preventive and detection measures to avoid being involved in MTF arrangements and denial of the input tax.

Programme Outline

What is Missing Trader Fraud?

• GST Legislative Amendment 
• The “Knowledge Principle” - new condition for input tax claims
• Three-pillar approach for applying the Knowledge Principle Framework 
• Record keeping requirements / Supporting documents

Pre-requisites

Please take note of the following admission requirements:

• Trainings will be conducted on Zoom platform, thus video camera and microphone are compulsory
• Mandatory for video camera to be turned on throughout the course
• Display your official name (as per NRIC) in Zoom, to facilitate attendance taking

Training Methodology

Lecture style with exercises / case studies

Closing Date for Registration

1 week before course commencement or until full enrolment

Intended For

Intermediate to Advanced – Accounting and Tax Professionals Process / Risk Management team

Programme Facilitator(s)