IRAS issues e-Tax Guide: “GST: Approved Contract Manufacturer and Trader (ACMT) Scheme (10th Edition)”

On By taxsgIn Goods and Services Tax

13 December 2014

On 10 December 2014, the Inland Revenue Authority of Singapore (IRAS) issued an updated e-Tax Guide, “GST: Approved Contract Manufacturer and Trader (ACMT) Scheme (10th Edition)”.

This e-Tax Guide explains how the ACMT scheme works, the qualifying conditions for the scheme and responsibilities of approved ACMT persons.

In this edition, the following has been inserted:

  • Paragraph 2.4 (Overseas client) or clarification
  • Paragraph 3.5(e) (Import GST suspension on overseas goods), in line with legislative change on 1 January 2015
  • Paragraph 3.12 for clarification whereby the ACMT CM can claim the input tax on local purchases only if the treated or processed goods are subsequently exported or delivered to another ACMT person or to a customer of the overseas person.

The previous edition was published on 1 March 2012.

For full details, please refer the e-Tax Guide on the IRAS website.

Source: This article was extracted from the Inland Revenue Authority of Singapore’s (IRAS) website. Visit http://www.iras.gov.sg/ for more information.