Summary of Responses - Public Consultation on Draft Goods and Services Tax (Amendment) Bill 2012

MOF Accepts 24 of the 57 Suggestions On The Draft Goods and Services Tax (Amendment) Bill 2012

1. The Ministry of Finance has accepted for implementation 24 of the 57 suggestions on the draft Goods and Services Tax (Amendment) Bill 2012. The suggestions were received during the public consultation exercise held from 2 to 27 July 2012. They will be incorporated into the revised Goods and Services Tax (Amendment) Bill 2012 or IRAS’ e-Tax guides. The remaining suggestions were not accepted for implementation as they are inconsistent with the policy objectives for the proposed legislative changes or legislative drafting conventions.

Draft Goods and Services Tax (Amendment) Bill 2012

2. The draft Goods and Services Tax (Amendment) Bill 2012 proposed legislation to put into effect tax changes announced in Budget 2012, as well as changes arising from the periodic review of the Goods and Services Tax system. The key changes include:

Public Participation in the Consultation Exercise

3. A summary of the key suggestions received on the draft Goods and Services Tax (Amendment) Bill 2012 and MOF’s responses are as follows:

4. MOF would like to thank all respondents for their suggestions.