4 October 2012

The Goods and Services Tax (General) (Amendment No. 2) Regulations 2012, published on 1 October 2012, are operationally effective on 1 October 2012.

A summary of the regulations to the Goods and Services Tax (General) Regulations (Rg 1) (the principal Regulations) that are amended are as follows:

Part III TAX INVOICES

• Amendment of heading in Part III, “Tax Invoices”
• New regulation 13A inserted, “Other invoices”
• General (regulation 14)

Part V INPUT TAX AND PARTIAL EXEMPTION

• Definitions and longer periods (regulation 25)
• Attribution of input tax to taxable supplies (regulation 29)
• Attribution of input tax to foreign and bonded warehouse supplies (regulation 31)
• Treatment of input tax attributable to exempt supplies as being attributable to taxable supplies (regulation 33)
• Input tax for land to be used for making exempt supplies (regulation 41)

PART VI REMISSION AND DEFERRED PAYMENT

• New regulation 46A: Approved refiner and consolidator scheme

Part XV GENERAL

• Offences (regulation 108)

SCHEDULES

• Renaming of Schedule
• New Second Schedule, “Particulars to be specified in the invoice”

Source: Government Gazette