Seminar on Goods and Services Tax (GST) IRAS Compliance Assurance Programme (CAP) and Voluntary Disclosure Programme

Oct 20 2009

Sheraton Towers Singapore

GST risk management receives less attention and resource allocation as compared to income tax risk management. The fact that more penalties are collected from GST audits than income tax audits by the Inland Revenue Authority of Singapore (IRAS) is proof of that.

Taking a risk-based approach, the IRAS introduced the GST Compliance Assurance Programme (CAP) in mid-2007 whereby the IRAS auditors focus on the company’s processes and controls for GST. The results of a CAP audit will determine the frequency of subsequent IRAS audits.

Selected large businesses have recently received a survey from the IRAS seeking their views on a voluntary participation in the Assisted CAP (ACAP) which proposes the engagement of an approved CPA firm to review the effectiveness of the company’s GST processes and controls. So how did you respond to that survey?

The IRAS sees voluntary compliance as a key cornerstone of its taxpayer compliance strategy to ensure that businesses fulfil their tax obligations. The Voluntary Disclosure Programme was introduced early this year to encourage businesses to come forward with voluntary disclosures of errors on a timely basis. First-time voluntary disclosures which meet certain conditions will have penalties waived.

PricewaterhouseCoopers Services LLP will hold a half day seminar on the above programmes to help you understand and manage your GST risk. The purpose of the seminar is to provide you with insights on the IRAS compliance programme, GST audits and to share best practices so that you can be well prepared for a GST audit. Knowing what the IRAS is looking for can make the difference between a minor inconvenience and a major disruption.

Topics covered

  • Why me?
  • GST audits and the Compliance Assurance Programme
  • Best practices for GST processes and controls
  • Errors in GST reporting and correcting them
  • What are considered voluntary disclosures?
  • How do I qualify for reduced penalties under the IRAS Voluntary Disclosure Programme?

Date & time
20 October 2009
2pm to 5pm

Fee*
S$75 - Clients/alumni of PricewaterhouseCoopers
S$100 - Public
* Fee includes notes, refreshments & 7% GST

More information about the seminar, including details on how to register, is available in the flyer >