You may have received an earlier email invite from us indicating that lunch would be provided for this seminar. Given that the event is held in the morning, breakfast will be provided instead of lunch. We apologise for the mistake and we greatly appreciate your understanding.
The GST rate will be raised again from 8 per cent to 9 per cent on 1 January 2024.
Despite the one-year experience of the first rate change on 1 January 2023 when the rate was raised to 8 per cent, the penalties arising from applying the incorrect rate to transactions that span the rate change date should not be underestimated. There are also additional complexities that could arise if invoicing, delivery and payment span across three GST rates – 7, 8 and 9 per cent.
The possibility of getting it wrong is real in view of the prescriptive nature of the transitional rules, the requirement to issue credit notes to account for GST at the new rate, the need to update invoicing and accounting systems and prioritising the resources necessary for a smooth implementation of the new rate.
Join us for the seminar as we aim to help you understand the transitional rules to avoid the penalties for any incorrect application of the GST rate. The seminar also serves as a refresher on the planning aspects and commercial considerations for your business to ensure a smooth implementation of the new GST rate.
What will be covered at the session:
Remember that voluntary disclosures of errors can be made within 12 months of filing without being exposed to penalties. Take this opportunity to clarify your questions and detect any errors that may have occurred during the rate change from 7 per cent to 8 per cent.
Breakfast and refreshments will be provided. All food items arranged by The Westin will contain no pork or lard.
General public rate: $170
Client or group purchase rate: $120
Discounted rates are available for Grant Thornton clients and group purchases of 3 or more tickets. Please reach out to your Grant Thornton contact or email events@sg.gt.com for a promo code.
You will be given the option to receive a certificate of attendance upon completion of the session.
If you are keen to conduct in-house training for your team on this topic, or on any other topics that may be of interest, or would like to explore other GST issues, please reach out to our GST Partner, Soo How, at soohow.koh@sg.gt.com
Feel free to reach out to events@sg.gt.com if you have any other questions.
Soo How leads Grant Thornton Singapore’s GST practice and has comprehensive knowledge and experience in indirect tax. He started his career in indirect tax with the IRAS as a senior member of the core team that introduced the GST in Singapore in 1994.
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