Executive Tax Programme Level I (Goods & Services Tax)

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1 COURSE PROGRAMME Course Title : Executive Tax Programme Level I (Goods & Services Tax) Intake Number : 1/2013 Duration : Fees : 4 day (24 CPE Hours) $ (no subsidy) $ (after ICPAS subsidy) $ (after IRAS subsidy)* $ (after ICPAS & IRAS subsidy)* (fee listed include GST, course materials, light refreshment and written examination fee for first sitting) *$ will be refunded upon passing of exam. Please refer to Annex 1 for details on the IRAS and ICPAS subsidy. Recommended for: Contact Person : Participants with little or no GST knowledge Ms Toh Hui Bin Eunice Snr. Programme Executive DID: /Fax: / eunicetoh@iras.gov.sg Registration: Overview 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 1. 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 1

2 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 2. GST Administration Registration & De-registration Liability for Registration, Group and Divisional 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 3. Imports & Exports Imports GST on Imports of Goods and Services Free Trade Zone Valuation Of Imported Goods Import GST Suspension Schemes (Including ZGS, MES) 2

3 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 4. 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 3

4 Class Schedule Date/Time/Venue Venue Topic Lecturer 11 Jun am 12pm & 1.30pm 4.30pm Basic Concept of GST Mr Kor Bing Keong Partner GST Services Ernst & Young Solutions LLP 18 Jun am 12pm & 1.30pm 4.30pm GST Administration Ms Lim Puay Tze Principal Tax Auditor (GST-Wholesale Trade) IRAS 19 Jun 2013 (AM) 9am 12pm 25 Jun am 12pm & 1.30pm 4.30pm Imports & Exports Ms Tan Phaik Ai Manager (GST-Large Businesses) IRAS 23 Aug am 11am 5 th storey Auditorium 5 th storey Auditorium Overview of Singapore Tax Regime (non-examinable topic) Elaine Leong Principal Valuer, Property Tax Division Inland Revenue Authority of Singapore Optional written assessment* Participants may take a written assessment after which they would be awarded a certificate of achievement with a grading. Participants sponsored by our corporate partners can check with the Tax Academy office if they are required to take the assessment. Date: 16 July 2013 Time: 9.00am to 11.00am Venue: Training, Basement 1, Revenue House, 55 Newton Road S (307987) *Note: The same course fee applies for participants who opt out of the examination. For participants who wish to apply to re-sit for the examination, an administrative fee of $53.50 is chargeable. 4

5 ANNEX 1 Tax Capability Development Fund In January 2009, IRAS and ICPAS jointly set up a $1.3 million Tax Capability Development Fund for selected structured tax training programmes. The programmes covered are: a) Executive Tax Programme Level I & II - Income Tax Individual - Income Tax Business & Corporate - Goods & Services Tax b) Executive Tax Programme Level III - Advanced Tax Programme - Advanced GST Programme Executive Tax Programme Level I & II Currently, IRAS offers a 50% course fee subsidy to tax practitioners from SME tax agent firms* and in-house tax professionals**. ICPAS gives a 15% subsidy on course fees if the course participant is an ICPAS member. ICPAS members who qualify for the IRAS subsidy will receive a total of 65% subsidy. To motivate and encourage course participants to do well for the course, IRAS subsidy rate for courses commencing from 1 January 2013 will be revised as follows: Two-tier subsidy structure Subsidy rate If course participants pass the examination 60% If course participants do not pass the examination 30% Upon confirmation of the course, participants eligible for the subsidies will pay 70% of the course fees upfront. A refund of 30% of the course fees will be made to the participants upon passing of course examination subsequently. In addition, IRAS will also be making available course fees subsidy to freelance tax agents*** for courses commencing from 1 January With the revision, ICPAS members who qualify for the IRAS subsidy will receive a total of 75% subsidy if they pass the course examination and 45% if they do not pass the course examination. Executive Tax Programme Level III (not subject to two-tier subsidy) IRAS will extend a 50% subsidy on course fees to: i) Accredited Tax Practitioners (ATPs) # admitted by the Singapore Institute of Accredited Tax Professionals ( SIATP ) ii) Accredited Tax Practitioners (Provisional) [ATPs (Provisional)] # admitted by the SIATP. 5

6 Effective for courses commencing on or after 1 January 2013, IRAS will also extend the 50% subsidy to the following groups of Accredited Tax Advisors (ATAs): i) Accredited Tax Advisors (Income Tax) [ATAs (Income Tax)] # admitted by the SIATP on course fees for Advanced GST Programme ii) Accredited Tax Advisors (GST) [ATAs (GST)] # admitted by the SIATP on course fees for Advanced Tax Programme iii) Accredited Tax Advisors (ATAs) admitted by the SIATP under transitional rules^ on course fees for Advanced Tax Programme or Advanced GST Programme. All ICPAS members will enjoy 15% subsidy from ICPAS. ICPAS members who qualify for the IRAS subsidy will receive a total of 65% subsidy. Other Eligibility Criteria and Terms & Conditions for Both IRAS and ICPAS Subsidies a) The course applicant will need to fulfil at least 75% attendance rate. b) The course applicant will only claim subsidy once for each course. c) For Level I & II courses, course applicants need to be a Tax Agent from an SME Tax Agent firm*, In-house Tax Professional** or Freelance Tax Agent*** at the point of registration. d) For Level III courses, course applicants need to be Accredited Tax Practitioners (ATPs), ATPs (Provisional) or Accredited Tax Advisors (ATAs) # at the point of registration * Definition of SME tax agent firm: A sole-proprietorship, partnership, or company that provides tax representation, advisory or filing services for a fee and employs less than 50 staff in the tax department; ** Definition of in-house tax professional: A sole-proprietor, a partner or an employee who performs tax work and prepares or aids in preparing the Tax Return relating to the business that he/she owns or represents. *** Definition of freelance tax agent: A freelance tax agent refers to an independent person who provides tax representation, tax advisory or tax filing services for a fee for the past 2 years. # For definitions of ATP, ATP (Provisional) and ATA, please refer to SIATP s website at ^ Following the official launch of the SIATP on 7 May 2010, the admission of existing tax professionals as an ATA was considered by the SIATP Board under the transitional rules for a period of six months up till 6 Nov How to apply for IRAS subsidy Please complete the registration form and declaration form available in our website ( > Download registration form) and mail/fax to us. ICPAS Members ICPAS members are eligible for 15% subsidy. Contact details : and Fax :

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