Events

The number of GST audit cases has been on the uptrend in the recent years, with FY2007/08 registering a whopping 69% jump in taxes and penalties over FY2006/07, compared to a decreasing trend in the income tax audit cases. Of the total tax & penalties, GST accounts for 58% in FY2008/2009. With the IRAS stepping up its GST audit efforts and the recent publishing of cases of offence, one would agree that GST compliance is pivotal for the smooth operation of the business, as once an audit commences, the amount of resources required to resolve the issues and tax position, plus possible penalties with the resulting impact would be significant. For the first time, the IRAS has publicly named the sectors it is focusing its GST audit this year. They include the wholesale electronics traders, SME manufacturers, motor traders and marine fuel traders.

This half-day workshop on "Understanding GST to avoid common pitfalls and manage audit queries" organised by Singapore Business Federation will provide an insight into the fundamental GST concepts and tips on how to avoid some common pitfalls in managing the overall GST compliance of the business.

Mr Richard Ong, Senior Manager, GST Services, RSM Chio Lim LLP is invited to speak at this workshop.