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7.00 CPE Hours (Category 1, Category 2, Category 3, Category 4Category 5, Others)
Classroom

Note: This course is previously a half day programme with the course code of TAX276. It has since been extended to a full day programme.

Programme Objective

The Minister for Finance unveiled the implementation dates of GST rate increases on 18 Feb 2022 evening. GST registered businesses are required to implement the change by adopting a two-step approach:

  • From 7% to 8% with effect from 1 Jan 2023; and
  • From 7% to 8% with effect from 1 Jan 2024.


GST rate increase is not just a change in the taxing rate on the standard-rated supplies. It would adversely impact GST businesses unprepared for the details entailed in the transition.

This one-day session aims to share with the participants the issues, with examples, that would impact businesses resulting from the rate increases so that they can start preparing for the changes before the effective dates. The session also highlights some industry-specific issues resulting from the rate increases during the transitional period and provides avenues and options possibly resolve the problems.

Programme Outline

 
  • What do you need to prepare to implement the GST rate increases?
    • Decide on pricing strategy during the transitional periods
    • Establish right and timing to increase consideration on sales transactions
    • Review timing and changes of GST rate in-built in the accounting system
    • Refine standard operating procedures on business processes (e.g., sales, purchases, imports, and exports) during the transitional periods
    • Revise GST documents after the effective dates
    • Chart out and execute internal/external communication plans
  • What are the transitional rules of industry-specific issues?
    • Goods returned in the Retail industry
    • Option/Booking fees in the Real Estate industry
    • Retention sum in the Construction industry
    • Royalties and similar payments in the Service industry
    • Transactions spanning the GST rate increase in the Financial sector
  • A working model on early preparation for GST rate increases.

On the completion of this course, you will:
  • Appreciate and understand the fine details in preparing for GST rate increases;
  • Start reviewing the impactful issues within the organization; and
  • Kick start an internal preparation process to implement GST rate increases.


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 have some basic GST knowledge and want to learn how to implement the GST rate increases.

Schedule & Fees

Testimonial

Funding

No funding Available!

Programme Facilitator(s)

Note: This course is previously a half day programme with the course code of TAX276. It has since been extended to a full day programme.

Programme Objective

The Minister for Finance unveiled the implementation dates of GST rate increases on 18 Feb 2022 evening. GST registered businesses are required to implement the change by adopting a two-step approach:

  • From 7% to 8% with effect from 1 Jan 2023; and
  • From 7% to 8% with effect from 1 Jan 2024.


GST rate increase is not just a change in the taxing rate on the standard-rated supplies. It would adversely impact GST businesses unprepared for the details entailed in the transition.

This one-day session aims to share with the participants the issues, with examples, that would impact businesses resulting from the rate increases so that they can start preparing for the changes before the effective dates. The session also highlights some industry-specific issues resulting from the rate increases during the transitional period and provides avenues and options possibly resolve the problems.

Programme Outline

 
  • What do you need to prepare to implement the GST rate increases?
    • Decide on pricing strategy during the transitional periods
    • Establish right and timing to increase consideration on sales transactions
    • Review timing and changes of GST rate in-built in the accounting system
    • Refine standard operating procedures on business processes (e.g., sales, purchases, imports, and exports) during the transitional periods
    • Revise GST documents after the effective dates
    • Chart out and execute internal/external communication plans
  • What are the transitional rules of industry-specific issues?
    • Goods returned in the Retail industry
    • Option/Booking fees in the Real Estate industry
    • Retention sum in the Construction industry
    • Royalties and similar payments in the Service industry
    • Transactions spanning the GST rate increase in the Financial sector
  • A working model on early preparation for GST rate increases.

On the completion of this course, you will:
  • Appreciate and understand the fine details in preparing for GST rate increases;
  • Start reviewing the impactful issues within the organization; and
  • Kick start an internal preparation process to implement GST rate increases.


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 have some basic GST knowledge and want to learn how to implement the GST rate increases.

Programme Facilitator(s)


No course instances or course instance sessions available.