GST Treatment for Imported Services and Low-Value Goods
November 10, 2023
The implementation of GST on imported services and low-value goods marks a significant shift in Singapore’s tax landscape, aimed at ensuring fairness and competitiveness in the marketplace.
This webinar provides practical insights into the Overseas Vendor Registration (OVR) and Reverse Charge (RC) regimes. Learn how to distinguish B2B and B2C transactions, understand registration requirements and GST reporting obligations to stay compliant in today’s global marketplace.
By the end of the workshop, participants will:
- Understand the GST implications of importing services and LVG
- Be able to differentiate between OVR and RC regimes and apply them correctly
- Gain practical knowledge on the accounting and reporting obligations
- Strengthen compliance readiness in cross-border transactions
Introduction and key definitions
- What are imported services and imported low-value goods (LVG)?
- Definition of Business-to Business (B2B) transactions
- Definition of Business-to-Consumer (B2C) transactions
- Importance of distinguishing between B2B and B2C
Overseas Vendor Registration (OVR) Regime
- B2C v B2B treatment
- Scope of remote services and LVG
- When an operator of electronic marketplace is regarded as the supplier
- GST registration requirements for overseas suppliers and overseas marketplace operator
Reverse Charge Regime
- Persons who would be subjected to reverse charge (RC businesses)
- Scope of imported services and LVG
- Accounting for GST on reverse charge transactions
- GST reporting requirements
- Tax Professionals and Executives
- Accounting and Finance Professionals
- Business Managers and Directors
- Anyone who would like to have or require a practical knowledge of the OVR and RC regimes
Catherine has more than 20 years of experience in GST consultancy, with more than 10 years of training experience. She has previously spent 6 years in IRAS, handling GST and Income Tax audit and almost 10 years with 2 of the Big Four international accounting firms, specializing in GST compliance and advisory work. During this period, she has accumulated extensive experience in performing GST prudential reviews, GST consultancy, GST compliance and GST training for clients.
Catherine has a Bachelor of Accountancy (Honours) degree from the National University of Singapore. She is an Accredited Tax Advisor (GST) registered with the Singapore Chartered Tax Professionals and an Advanced Certificate in Training and Assessment (ACTA) certified Trainer.
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