Singapore Finalizes Changes To GST Law Amendments says Tax News.com
http://www.tax-news.com/news/Singapore_Finalizes_Changes_To_GST_Law_Amendments____65676.html
Singapore’s Ministry of Finance has announced the results of its public consultation on the draft Goods and Services Tax (Amendment) Bill 2014, which was held from June 11 to July 1, 2014.
The draft Goods and Services Tax (Amendment) Bill 2014 contains proposed legislation to implement changes arising from the Ministry’s periodic review of the goods and services tax (GST) system and administration. The changes are as follows:
To allow GST-registered persons to fully claim GST on the re-import of goods belonging to their customers. To facilitate outsourcing arrangements, GST-registered persons who send their customers’ goods overseas for value-adding activities will be able to fully claim the GST incurred on re-import of such goods;
To provide for GST-registered non-legal entities (e.g. partnership, society) to claim and account for GST on goods, land, buildings and intellectual properties. If GST-registered non-legal entities hold such properties, which they use for their businesses through bare trustees, they will be allowed to claim GST incurred on acquisitions of such properties and required to account for GST on supplies of such properties; and
To clarify the scope GST zero-rating in relation to goods for use or installation on ships. This is a technical change to clarify that the GST zero-rating provision applies only to the sale or rental of goods that are used or installed on ships, and not to services such as procurement or logistics services relating to these goods.
The accepted suggestions will be incorporated into the revised legislation.
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