MOF Invites The Public To Give Feedback On The Goods and Services Tax (GST)(Amendment) Bill 201411 Jun 2014
The Ministry of Finance will be conducting a public consultation on the draft GST (Amendment) Bill 2014 from 11 June to 1 July 2014.
2. The draft GST (Amendment) Bill 2014 provides for three changes to existing tax policies and administration that arose from on-going reviews of our GST system. These are:
a. Allowing GST-registered persons to fully claim GST on 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;
b. Providing for non-legal entities to claim and account for GST on goods, land, buildings and intellectual properties (hereinafter collectively referred to as “properties”). If GST-registered non-legal entities (e.g. partnership, society) hold properties that are used for their businesses through legal entities , they will be:
i. Allowed to claim GST incurred on acquisitions of such properties; and
ii. Required to account for GST on supplies of such properties.
c. Clarifying the scope of GST zero-rating in relation to goods for use or installation on ships. This is a technical change to clarify that GST zero-rating 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 the goods.
3. The public can access the consultation documents and explanations for the draft GST (Amendment) Bill 2014 on the Ministry of Finance's website (www.mof.gov.sg) and the REACH consultation portal (www.reach.gov.sg). Respondents may send their comments to the Ministry of Finance directly via the website, email, fax or post.
MINISTRY OF FINANCE
11 JUNE 2014