13 January 2012
This sixth edition of the e-Tax Guide which outlines the GST treatment for aircraft and aircraft-related supplies, was issued by IRAS on 10 January 2012. The revised guide covers the following changes:
- Revisions to paragraph 6.2 on the benefits of the Approved Import GST Suspension Scheme (AISS)
- New paragraph 6.24 on the implications of cessation from AISS, and
- New paragraph 6.25 on the de-registration implications for AISS businesses.
The Approved Import GST Suspension Scheme (AISS), governed by Regulation 45C of the GST (General) Regulations allows approved businesses in the aerospace industry to import goods into Singapore with GST suspended. Approved businesses can also remove qualifying aircraft parts from Airport Logistics Park of Singapore (ALPS) or any other Free Trade Zones (FTZ) without incurring import GST, regardless of the origin of the goods.
The e-Tax Guide can be found here.
Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website.