5 October 2012
The Goods and Services Tax (International Services) (Amendment) Order 2012, published on 1 October 2012, shall come into operation on 1 October 2012.
Items 1, 2 and 3 of the First Schedule to the Goods and Services Tax (International Services) Order (O 1) are deleted and substituted with:
‘‘1. The following financial services:
(a) insurance (and not reinsurance) upon or against any risks incurred in the making of advances or the granting of credit;
(b) advising, confirmation, transfer, acceptance, collection, negotiation or indemnification against payment of any letter of credit;
(c) collection, endorsement or discounting of any bill of exchange or the factoring of receivables,
insofar as the financial services are directly related to —
(i) the export of goods outside Singapore; or
(ii) the supply of goods which involves the removal of the goods from a place outside Singapore to another place outside Singapore.’’.
Source: Government Gazette