15 August 2012
The Goods and Services Tax (Amendment) Bill No. 19/2012 was published in the Government Gazette on 13 August 2012. This Bill seeks to amend the Goods and Services Tax Act (Cap. 117A of the 2005 Revised Edition).
The Goods and Services Tax (Amendment) Bill 2012 incorporates the changes announced in the 2012 Budget Statement to facilitate the development of a gold trading hub Singapore, and to put the GST treatment for investment–grade gold and precious metals on par with other actively traded financial assets such as stocks and bonds. The changes will exempt the import and supply of investment-grade gold and precious metals from GST and introduce a new Approved Refiner and Consolidator Scheme (ARCS) to relieve cash flow for refiners and local consolidators.
It also includes other changes arising from the ongoing review of the GST regime to clarify the existing legislation and to improve administration. These include:
- extending the scope of GST zero-rating of prescribed financial services relating to goods situated outside Singapore
- allowing the Comptroller and Minister to set conditions when granting GST remission
- extending the Temporary Removal Scheme to goods that are removed temporarily from approved warehouses for repairs, and
- allowing zero-rating of repair services performed on qualified goods outside the Approved Specialised Warehouse.
Once passed, the date of these provisions coming into effect is 1 October 2012, with the exception of sections 5(a) and (d) and 9 which shall be deemed to have come into operation on 1 January 2012.
Source: Government Gazette