3 December 2011
The GST Guide for the Biomedical Industry (Guide), first released on 1 September 2011, has undergone a revision on 25 November 2011. The revised guide explains the 2011 Budget GST changes which have been designed to ease GST compliance for the biomedical industry.
To recap, the 2011 Budget changes for the biomedical industry provide for the following:
- GST relief on importation of clinical trial materials (CTMs) into Singapore, and
- Extension of the enhanced Approved Contract Manufacturer and Trader (ACMT) Scheme to qualifying biomedical contract manufacturers.
In this second edition, para 4.9 of the Guide was amended to explain the benefits under the GST enhanced Approved Contract Manufacturer and Trader (ACMT) scheme, as well as GST input tax entitlements on separate supply of raw materials made by ACMT local contract manufacturers (CM). These changes will take effect from 1 October 2011 by way of remission, until the GST legislation is amended.
This guide also clarifies the GST treatment for other common scenarios and issues in the biomedical industry based on existing GST rules.
For the full e-Tax Guide, please click here.
More about GST for the biomedical industry can be found here.
Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website.