Course details
This course is designed to provide trainees with a firm grounding of GST concepts. Trainees will be exposed to real life examples to build up their practical knowledge and analysis of GST obligations.
Course Outline
Basic Concept of GST
- Introduction and Overview of Tax
- Rationale for GST
- The Mechanism Of GST
- Various Milestones In GST Administration in Singapore
Scope of Tax, Supplies, Place of Supply, Taxable Person and Imports
- Supply and Consideration
- Supply of Goods and Services
- Exempt supplies
- Deemed Supplies
- Place of Supply
- GST on Imports
Computation of Tax - Value of Supply and Time of Supply
- Value of Supply and Output Tax on Deemed Supplies
- Bad Debt Relief
- The Various Rules for Time of Supply and Its Applications in Rate Change
Exempt supplies
Disbursements vs Reimbursements
Input Tax and Fringe Benefits
- General Principles for Input Tax Credits
- Exceptional Input Tax Reliefs (e.g. Pre-registration and Pre-incorporation claims)
- Fringe benefits
GST Administration
Registration & De-registration
- Liability for Registration, Group and pisional Registrations
- Registration for Different Constitutions
- Taxable Persons (including body corporates and Unincorporated bodies)
Records, Tax Invoices & Receipts and Comptroller's Power
- Record-keeping (Include Comptroller's Powers to Obtain Information, Security and Production of Evidence)
- Tax Invoice (including electronic invoicing) & Receipts
- Comptroller's Power to obtain information
Return, Payment and Assessment
- Types and Requirements for Return filing & Payments (including electronic filing and payments)
- how to complete GST F5 & F7
Objection and Appeals; Offences and Penalties
- Assessment, Notices, Service of Notices
- Objection and Appeals
- Offences and Penalties
Imports & Exports
Imports
- GST on Imports of Goods and Services
- Free Trade Zone
- Valuation Of Imported Goods
Import GST Suspension Schemes (Including ZGS, MES)
- Warehousing Regime
- Temporary Import Suspension Reliefs
- Rationale
- Features and Operations of the Various Schemes
Zero-Rating Reliefs: Exports and International Services
- The Broad principles for Zero-rating,
- Exports of Goods
- Application of International Services(S21(3)(a to g) and (j)
Other GST Schemes (TRS, Cash Accounting Scheme)
- Rationale
- Features and Operations of the Various Schemes
Overview of Singapore Tax Regime
- Introduction to public finance in Singapore
- Policy formulation process
- Taxation in Singapore: History & Policy
- Introduction to Various Taxes in Singapore
- Role of Ministry of Finance and Inland Revenue Authority of Singapore
- Trends in Administration
- Challenges Ahead
Optional written assessment*
Participants may take a written assessment after which they would be awarded a certificate of achievement with a grading.
Updated on 08 November, 2015Course Location
About Tax Academy Singapore
The mission of Tax Academy of Singapore is to raise the professional competency of the tax community in Singapore and develop Singapore into a regional tax knowledge hub. A not-for-profit institution, the Tax Academy is set up by the Inland Revenue Authority of Singapore in collaboration with the international accounting firms, Deloitte & Touche, Ernst & Young, KPMG, PricewaterhouseCoopers, as well as the Institute of Singapore Chartered Accountants and the Law Society of Singapore. he Tax Academy of Singapore shall raise the professional competency of the tax community and develop our standing as a leading centre in taxation and regional tax knowledge hub.
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