GST Course On Logistic Industry
Course Description:
As ASEAN Economic Community (AEC) ramp up its regional economic integration by 2015, it envisages through integrating industries across the region to promote regional sourcing; and enhancing private sector involvement for the building of its identity.
End state in mind, the AEC aim to transform ASEAN into a region with free movement of goods, services, investment, skilled labour, and free flow of capital. At this junction, it is inevitable to know what current GST Application entail for the logistic industry. With such essential current knowledge Management, the transition to AEC code of governances will be more smooth sailing, henceforth facilitating logistic market players to react more swiftly for future sustainable business.
Course Objective:
Upon completion of this workshop, participants will be able to:
- Explain the GST principles relevant to the logistics service industry
- Clarify the GST treatment on some of the more common services provided by businesses in the logistics service industry.
- Appreciate the cash flow burden of the local industry players and the GST schemes available to alleviate such burden in a bid to improve these players’ international competitiveness.
- Understand its responsibilities for operating under these schemes and the requirements needed to fulfil.
Target Audience:
Logistic professionals whom deal with GST directly via the nature of Administrator roles.
Logistic professionals whom deal with GST directly via the nature of Operational roles.
Course Content
Lesson 1: Concepts & Applications
- Supply & Imposition of Tax
- Input Tax Recovery
- Agent Principal Relationship 2. Over view of the logistic industry
Lesson 2: Overview of the Logistic Industry
- Segmentation
- Challenges faced by the industry
- Issues in the Industry
- GST Implications
- Zero Rating of Logistic Service Transportation, Handling & Storage Services
- GST Solution for the Industry
Lesson 3: Local & International Transportation
Lesson 4: Handling Services within Singapore/ outside Free Trade Zones
Lesson 5: Storage Services within Singapore/ outside Free Trade Zones
Lesson 6: Illustration on the GST Treatment of the logistic Services
Lesson 7: Waiver of GST for Goods removed from Bonded Warehouse by MES Trader Scheme
Lesson 8: Zero-rating of container services and the sale and lease of containers
Lesson 9: Approved Third Party Logistics Company Scheme (“A3PL Scheme”)
Lesson 10: GST Remission to Freight Forwarder
Lesson 11: Filing of GST Return