Public Consultation On Draft Goods And Services Tax (Amendment) Bill 2004
The Ministry of Finance is seeking comments and views on the draft Goods and Services Tax (Amendment) Bill 2004.
The draft GST (Amendment) Bill 2004 incorporates all amendments to the GST Act which cover tax changes or refinements to existing tax policies and administration resulting from on-going review of the GST system. The main amendments are summarised as follows:
- To facilitate electronic transactions via IRAS' new system;
- To empower Minister to appoint Deputy Chairmen for the GST Board of Review;
- To zero-rate services ancillary to handling of ships or aircrafts and handling or storage of goods carried in a ship or aircraft;
- To clarify that zero-rating is allowed only where the services are made contractually to and beneficially for a person outside Singapore; and
- To introduce a scheme whereby GST is waived on certain products supplied from an identified party to another identified party in a qualifying industry which predominantly engages in supplying products which have no local consumption.
The draft GST (Amendment) Bill 2004 is available for public consultation from 15 July 2004 to 11 August 2004. Comments sent after 11 August 2004 will not be considered as they will be too late for incorporation into the final Bill.
Details can be found in the Ministry of Finance Website at www.mof.gov.sg.
The draft GST (Amendment) Bill 2004 incorporates all amendments to the GST Act which cover tax changes or refinements to existing tax policies and administration resulting from on-going review of the GST system. The main amendments are summarised as follows:
- To facilitate electronic transactions via IRAS' new system;
- To empower Minister to appoint Deputy Chairmen for the GST Board of Review;
- To zero-rate services ancillary to handling of ships or aircrafts and handling or storage of goods carried in a ship or aircraft;
- To clarify that zero-rating is allowed only where the services are made contractually to and beneficially for a person outside Singapore; and
- To introduce a scheme whereby GST is waived on certain products supplied from an identified party to another identified party in a qualifying industry which predominantly engages in supplying products which have no local consumption.
The draft GST (Amendment) Bill 2004 is available for public consultation from 15 July 2004 to 11 August 2004. Comments sent after 11 August 2004 will not be considered as they will be too late for incorporation into the final Bill.
Details can be found in the Ministry of Finance Website at www.mof.gov.sg.
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