31 January 2013
The seventh edition of the e-Tax Guide which outlines the GST treatment for aircraft and aircraft-related supplies, was issued by Inland Revenue Authority of Singapore (IRAS) on 28 January 2013. The revised guide covers the following changes:
• New material and revisions on Assisted Self-Help Kit (ASK) requirements for the Approved Import GST Suspension Scheme (AISS) applications with effect from 1 February 2013 (see new paras 6.8 and 6.12 and revised para 6.11)
• New material on exchange transactions in the absence of a written repair and maintenance contract (new para 5.17)
• Clarifications on benefits of the scheme relating to the import of qualifying aircraft parts belonging to local or overseas persons (para 6.2(e)
• Clarification on the eligibility requirements for AISS (para 6.4(c)).
The AISS, which is governed by Regulation 45C of the GST (General) Regulations allows approved businesses in the aerospace industry to import goods into Singapore with Goods and Services Tax (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.
Source: This article was extracted from the IRAS website. Visit http://www.iras.gov.sg for more information.