GST Risks and Controls: GST Schemes including Major Exporter Scheme (MES)
Thu, 28 September 2023
9:00am to 12:30pm
FEE (inclusive of GST)
The Major Exporter Scheme (MES) is one of the most common GST schemes in Singapore to relieve companies of the cash flow cost of paying import GST to Singapore Customs and subsequently claiming it as input tax in the GST returns.
These import suspension schemes are important for companies especially when the GST rate has increased to 8% and will be increasing further to 9% on 1 January 2024. The IRAS can revoke the GST schemes if they are being abused. Why is incoterm important when you purchase from local supplier? How to eliminate any errors when using MES and IGDS?
Come and join us in this GST webinar to find out more.
The webinar will cover the following topics:
- Overview of Major Exporter Scheme (MES) and Import GST Deferment
- Approved use of the MES/IDGS status
- Why incoterm is important when you purchase from local supplier
- Importing goods as a section 33(2) and 33A agent
- When can you import goods on behalf of your local customer or GST registered overseas customer using your MES/IGDC status?
- GST risks on MES/IGDC and the controls that can be implemented
- Voluntary disclosure programme
At the end of this workshop, participants will be able to:
- Cashflow savings on the most common GST schemes
- Learn how incoterm affects your import suspension scheme like MES and IGDS
- Identify common errors for the MES and IGDS
- Implement controls to prevent errors for MES and IGDS
We are delighted to inform you that this webinar is in partnership with the Singapore Business Federation (SBF). Kindly note that registrations are to be made through their website.
With more than 20 years of practical GST experience gained from working at Inland Revenue Authority of Singapore as a tax auditor and big four accounting firm (PwC) as a tax advisor, Eddie is the subject matter expert you go to when you need advice on goods and services tax (“GST”) matters.
He is an accredited tax advisor (GST) with Singapore Chartered Tax Professional and he speaks regularly at public GST workshop and seminars. The primary objective of conducting workshop and seminars is to share the knowledge gained from his experience and his long term goal is to digitalise the knowledge so that it can be easily accessed by others.
Eddie is a GST advisor by profession and he finds joy in solving your GST problem. Having led 43 multi-national companies to Assisted Compliance Assurance Programme (“ACAP”) premium status, he now advises clients on the best practices that should be in place to prevent and detect GST errors.