Goods and Services Tax (International Services) (Amendment) Order 2012 [S 491/2012] shall come into operation on 1 October 2012

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