Public Consultation on Draft Goods and Services Tax (Amendment) Bill 2005 and Stamp Duties (Amendment) Bill 200508 Jul 2005
The Ministry of Finance invites members of the public to give their comments on proposed amendments to the Goods and Services Tax Act (GSTA) and the Stamp Duties Act (SDA).
2. This consultation exercise seeks feedback on areas of the draft legislation that require greater clarity or where compliance can be facilitated. The Ministry welcomes all interested parties to send in their comments by 5 August 2005.
3. The draft Goods and Services Tax (Amendment) Bill 2005 covers changes to existing tax policies and administration arising, such as the expansion of the scope of international services that qualify for zero-rating.
4. The draft Stamp Duties (Amendment) Bill 2005 includes the Budget 2005 initiatives to expand the scope of relief from ad valorem stamp duties, to include transfers of mortgages, when companies engage in restructuring or merger exercises. In addition, stamp duty exemption, which is currently applied to sale transfers of foreign stocks, will also be applied to gift transfers of foreign stocks.
5. The consultation papers, draft Bills and accompanying documents will be available at MOF's website from 8 July 2005. 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.
6. The First Reading in Parliament of the draft Bills has been scheduled for September 2005. The last day for submission of comments is 5 August 2005.