Public Consultation On Draft Goods And Services Tax (Amendment) Bill 200608 Sep 2006
The Ministry of Finance invites members of the public to give their comments on proposed amendments to the Goods and Services Tax ("GST") Act.
2. This consultation exercise seeks feedback on how the draft legislation can be made clearer or compliance made easier. The Ministry welcomes all interested parties to send their comments by 6 October 2006.
3. The draft GST (Amendment) Bill 2006 includes the Budget 2006 initiatives to allow zero-rating of machine tools supplied to overseas persons, and input tax claims to insurers on cash payments paid to qualifying policyholders under contracts which are subject to GST. It also covers changes to tax policies and administration, such as the introduction of an Advance Ruling System for GST and revisions to the rules for zero-rating of advertising services.
4. The consultation paper, draft Bill and accompanying documents are available at MOF's website from 8 September 2006. Respondents may send their comments to MOF in the prescribed template, via email, fax or post. Members of the public can also access the documents through the Feedback Unit common consultation portal for all ongoing government consultations at http://www.feedback.gov.sg.
5. The First Reading in Parliament of the draft Bill has been scheduled for November 2006. To facilitate timely enactment of the legislation, the Ministry will not be able to consider comments submitted after the deadline of 6 October 2006.
MINISTRY OF FINANCE