Executive Tax Programme Level I (Goods & Services Tax)

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.