MOF Accepts Eight Changes to Draft Goods and Services Tax (GST) Bill30 Sep 2005
1. The Ministry of Finance (MOF) has accepted eight suggestions to amend the draft GST (Amendment) Bill 2005. A total of 25 comments and suggestions were received during the public consultation exercise held from 8 July to 5 August 2005.
2. The consultation exercise sought feedback on how the proposed changes to the GST legislation could be improved for greater clarity and easier compliance. This is the second year that draft GST legislation has been published for consultation.
3. The comments received were on the provisions relating to:
(a) repayment of input tax by the customer (debtor) who claimed input tax but failed to pay the supplier the relevant consideration by a certain date;
(b) zero-rating of maintenance, repair and broking services of ships and aircraft; and
(c) compulsory electronic filing of GST returns.
4. The suggestions accepted by MOF will help to clarify the policy intentions of the draft Bill and facilitate easier compliance by businesses.
5. MOF thanks all respondents in this consultation exercise. MOF's responses to the major comments received are summarised on MOF's website at http://www.mof.gov.sg/consultation_archives/public_con_gst_bill2005.html
MINISTRY OF FINANCE