Compliance Area

– Corporate reporting level
– Transaction process level
– Internal Control and Record keeping

Updating

– Legislations (Acts, Regulations, Orders)
– Policy decisions including technical committee decisions
– Guides

Common GST implementation pitfalls to avoid. (sharing of experience from GST compliance review)

– Detail Transactional GST implementation knowledge
– Human careless avoidance
– Systems Error
– Tax Code Application

GST Implications on daily business transactions

A. Ensure account the right output tax on your Supplies (Sales)
– Type of supply and Rates of tax: (standard & zero rated supplies, exempt and out of scope supplies, disregarded supplies, supplies where GST is suspended,  supply under relief orders)
– Deemed Supplies and Gift Rules
– Place, Time, and Value of supply for goods, services, reimbursement and disbursements
– Consignment sale and/or awaiting for approval for sales
– Continuous supply of services and Retention monies
– Employees Benefits, and Samples treatments

B. Maximize your input taxes claims on your acquisitions
– Allowable input tax to claim: Attribute and Apportionment concept
– Input tax on your suppliers disbursement on your behalf
– Blocked input tax
– The Di Minimis Rule for Residual Input Tax Credit claims
– Input Tax for Incidental Exempt Supplies
– Refund and repayments
– Mixed Supplier input tax apportionment and adjustments

C. Taxes implications on industries and schemes
– LMW, Free Zone, Designated Areas and bonded warehouse
– Import and Export of goods and services
– Logistics and courier
– Approved Trader Schemes
– Approved Toll Manufacturing Schemes and drop shipment under this scheme
– Approved Jewellery Schemes

Accounting Administration

– Valid Tax Invoices type: full, simplified, reliefs, disregards, etc
– Content of a VALID TAX INVOICE
– Debit and credit notes issuance for local and export sales
– Record Keeping and Taxable period
– Reversed Charge Mechanism (Recipient Self-Accounting (RSA): imported services, toll manufacturer drop shipment to principal’s customers
– Tax codes application
– New Additional GST Tax code requirements
– Filing the GST returns correctly including the different items that needs to be declared as required and timing of Tax payment
– Foreign currencies conversion
– GST expenses management

Filing of Accurate Returns

– Check list
– Self Review of every submission with reconciliation statement
– Documentary evidences

Preparation for Customs GST Audit to be ready at all time

A. Audit Framework
– Purpose of an audit / your risk profile with Customs
– Choosing registered person to be audited
– Level of Audit

B. Different types of audit
– Advisory audit
– Desk audit
– Refund audit
– Transaction audit
– Compliance audit
– Large Tax Payer Unit audit
– Special audit as may be determine by the DG (Joint audit with Inland Revenue Board)

C. Preparation Stages for and Process of audit
– Preparation for an audit
– Trial Internal audit by yourself
– Post audit action plans
– Auditing guides from other countries
– Team involvement for the audit

Appeal Procedures

– Appeal to  Director General
– Appeal to Tribunals and decision effect from tribunal’s decision
– Appeal to courts

Discussions, Questions and Answers all along the way