Protect Your Business

Are you confident your business is VAT audit-ready? Don't let common errors impact your profits.

This who want to understand the critical aspects of VAT compliance and avoid costly audit findings. We'll cut through the technical jargon and highlight the most frequent mistakes that trigger VAT assessments and penalties, empowering you to safeguard your business.

Why You Need to Attend:

VAT compliance isn't just an accounting function – it directly affects your cash flow and profitability. Understanding common audit deficiencies allows you to proactively:

• Minimize unexpected tax liabilities: Avoid costly assessments arising from incorrect VAT treatment.
• Improve cash flow management: Prevent penalties and interest charges due to non-compliance.
• Strengthen internal controls: Implement processes that ensure accurate VAT reporting.
• Make informed business decisions: Understand the VAT implications of your transactions.
• Protect your business reputation: Ensure compliance and avoid potential legal issues.

What You'll Learn:

We'll focus on the practical implications of common VAT audit findings, including:

• Input Tax Claims – Where Businesses Often Go Wrong:
  • Invoice Issues: Understanding which invoices are valid for VAT claims and why seemingly small errors can be costly (e.g., supplier registration problems, missing VAT breakdown, wrong business name).
  • Lack of Documentation: Recognizing the crucial supporting documents needed for VAT claims and why "good faith" isn't enough.
  • Claiming VAT on the Wrong Purchases: Identifying expenses that are not eligible for input tax credits (e.g., VAT-exempt items, purchases without proper documentation).
  • Timing Matters: Understanding deadlines for claiming input VAT and avoiding out-of-period claims.
• Handling Sales and Output Tax Correctly:
  • Declaring All Your Income: Ensuring all taxable sales and other income are properly reported for VAT.
  • Understanding "Deemed Sales": Recognizing transactions that are treated as sales for VAT purposes, even without a direct sale.
  • Dealing with Consignment: Knowing the VAT rules for goods you've sent out on consignment.
  • Transactions with Related Companies: Understanding potential VAT implications in inter-company dealings.
• Importing Goods – Key VAT Considerations:
  • Essential Import Documents: Knowing which BOC documents are crucial for claiming input VAT on imports.
  • Ensuring Correct VAT Payment: Understanding the requirements for proving VAT payment on imported goods.
• Beyond Input and Output – Other Potential Issues:
  • Withholding VAT: Understanding your responsibilities for withholding VAT on certain payments.
  • Accurate Calculations: Avoiding simple mathematical errors that can lead to penalties.
  • Filing and Payment: Ensuring timely submission of VAT returns and tax payments.

This seminar will provide you with actionable insights and practical tips to ensure your business reduces and terminates VAT audits successfully and protects your hard-earned profits.

📅 DATE: June 7, 2025
⏰ TIME: 9:00 AM - 5:00 PM
📍 VENUE: Lanson Place Mall of Asia