Event Summary

This essential workshop is designed to demystify the Goods and Services Tax (GST) audit process and empower businesses with the knowledge to ensure compliance. Participants will gain a clear understanding of why and how the Inland Revenue Authority of Singapore (IRAS) conducts audits, including the legal framework and potential penalties for non-compliance. The session moves beyond theory to provide practical, actionable insights into the most common errors identified by IRAS, helping businesses to identify and rectify vulnerabilities in their own GST reporting processes.

Beyond identifying risks, the workshop focuses on proactive and reactive strategies. It equips attendees with preventive measures to strengthen their internal controls and filing procedures, thereby reducing the likelihood of an audit. Furthermore, it outlines the necessary corrective actions to take if discrepancies are found, using real-world case studies to illustrate common pitfalls and the practical application of GST laws. This program is a crucial step for any business seeking to navigate the complexities of GST with confidence.

Event Outline

1. The GST Compliance Landscape

   · Understanding the law and penalties relating to incorrect GST submissions.

   · Key factors that can trigger a GST audit by IRAS.

2. The Audit Process Demystified

   · A step-by-step walkthrough of a typical IRAS GST audit.

   · What to expect and how to prepare for an audit engagement.

3. IRAS GST Audits

• Current Focus Areas
• Recent audits 

      - common errors and non-compliance areas detected

4. Improving Compliance 

• Preventive measures
• Controls / Checks 

Key Takeaways

· A Clear Roadmap of the Audit Process: Understand the entire GST audit lifecycle from trigger to conclusion, reducing anxiety and enabling better preparation.

· Proactive Risk Identification: Learn to spot common GST errors in areas like input tax claims, supply categorization, and documentation, allowing for pre-emptive corrections.

· Actionable Compliance Strategies: Gain practical preventive and corrective measures to strengthen your company's GST compliance framework and minimize exposure to penalties.

· Knowledge from Authority Insights: Benefit from an understanding of IRAS's focus areas and enforcement priorities, as illustrated through shared case studies.

Who Should Attend

· Accountants, Finance Managers, and Accounts Executives responsible for GST preparation and filing.

· Tax Professionals and Advisors who support clients with GST compliance.

· Business Owners and Managing Directors of GST-registered companies seeking to understand their compliance obligations and risks.

· Internal Auditors looking to enhance their review of GST processes within their organizations.

· Any professional involved in financial reporting and compliance who requires an up-to-date understanding of GST audit risks.