Course Detail(TAX226 : GST for SMEs)

UTAP Funding

TAX226 : GST for SMEs

7.00 CPE Hours (Others)
Classroom
In Collaboration with:  

 

Programme Objective
 
While GST administration in Singapore is coming to the 24 years mark, GST registered small and medium enterprises (SMEs) are still playing catch up in terms of GST risk management and alignment of GST updates to match the practical aspects of running business as usual.  

Considering GST is a transactional based tax and there are inherent risks on the supply (e.g. direct deductions of certain items from employee payroll might trigger a need to consider GST) and purchase perspective (e.g. a supplier who provides us with a tax invoice with GST might not be GST registered), GST registered SMEs who have not diligently managed GST risk from such angle could be in for hard landing and the financial consequences may also be significant.

Programme Outline

 

  • Realignment of GST concepts
  • Common GST slip-ups made by SMEs
  • GST implications relating to recovery of expenses (e.g. meals, transport, dormitory) and direct deductions from payroll (e.g. staff pass, medical co-payment)
  • Art of managing the GST reporting for SMEs
  • Importance of 12 months rule relating to accounts payable
  • Sharing of de-minimis rule and its application
  • Ring fencing the GST risks for SMEs
  • Using Technology to co-manage GST risk
  • Tapping the voluntary disclosure incentive to contain penalty exposure on incorrect classifications with GST impact    

Training Methodology
 
Tutorial style with examples and discussions.
 
Closing Date for Registration
 
1 week before programme or until full enrolment
 

Intended For

Personnel involved in GST reporting functions

Competency Mapping

Others = 7.00 Hours

Schedule & Fees

Date & Time

08 Sep 2022 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Richard Ong

Venue

60 Cecil Street
ISCA House
Singapore 049709

Testimonial

Funding

1] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members.

NTUC members enjoy 50% *unfunded course fee support for up to $250 each year when you sign up for courses supported under UTAP. NTUC members aged 40 and above can enjoy higher funding support up to $500 per individual each year, capped at 50% of unfunded course fees, for courses attended between 1 July 2020 to 31 December 2022. *This excludes miscellaneous fees such as GST and registration fee etc.
 
To find out more on the UTAP support validity period please click here.

 
As UTAP is given on calendar year basis, and calculated based on year of training taken, it cannot be accumulated.

  • Maintained paid-up NTUC membership before course, throughout course duration and at the point of claim and;
  • Course by training provider must be supported under UTAP and training must commence within the supported period and;
  • Unfunded course fee must not be fully sponsored by company or other types of funding
  • Unfunded course fee must be S$20.00 and above, and;
  • Member must achieve a minimum of 75% attendance for each application and sat for all prescribed examination(s), if any and;
  • UTAP application must be made within 6 months after course ends.

To submit for UTAP claims, please visit http://skillsupgrade.ntuc.org.sg/. Terms and conditions apply.
Should you have queries on the funding scheme, you can email to UTAP@e2i.com.sg or call NTUC Membership Hotline at 6213-8008

Programme Facilitator(s)


Richard Ong
Accredited Tax Advisor (GST) of the Singapore Institute of Accredited Tax Professionals (SIATP)

Richard heads the GST Division in RSM Tax Pte Ltd.
 
He has over 20 years of experience in GST including his time 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.

 

Programme Objective
 
While GST administration in Singapore is coming to the 24 years mark, GST registered small and medium enterprises (SMEs) are still playing catch up in terms of GST risk management and alignment of GST updates to match the practical aspects of running business as usual.  

Considering GST is a transactional based tax and there are inherent risks on the supply (e.g. direct deductions of certain items from employee payroll might trigger a need to consider GST) and purchase perspective (e.g. a supplier who provides us with a tax invoice with GST might not be GST registered), GST registered SMEs who have not diligently managed GST risk from such angle could be in for hard landing and the financial consequences may also be significant.

Programme Outline

 

  • Realignment of GST concepts
  • Common GST slip-ups made by SMEs
  • GST implications relating to recovery of expenses (e.g. meals, transport, dormitory) and direct deductions from payroll (e.g. staff pass, medical co-payment)
  • Art of managing the GST reporting for SMEs
  • Importance of 12 months rule relating to accounts payable
  • Sharing of de-minimis rule and its application
  • Ring fencing the GST risks for SMEs
  • Using Technology to co-manage GST risk
  • Tapping the voluntary disclosure incentive to contain penalty exposure on incorrect classifications with GST impact    

Training Methodology
 
Tutorial style with examples and discussions.
 
Closing Date for Registration
 
1 week before programme or until full enrolment
 

Intended For

Personnel involved in GST reporting functions

Competency Mapping

Others = 7.00 Hours

Programme Facilitator(s)

Richard Ong
Accredited Tax Advisor (GST) of the Singapore Institute of Accredited Tax Professionals (SIATP)

Richard heads the GST Division in RSM Tax Pte Ltd.
 
He has over 20 years of experience in GST including his time 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.

Upcoming Schedule

Date & Time

08 Sep 2022 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Richard Ong

Venue

60 Cecil Street
ISCA House
Singapore 049709