6 October 2015
The Inland Revenue Authority of Singapore (IRAS) has updated its website with content on the Approved Marine Fuel Trader (AMFT) scheme.
The AMFT Scheme is designed to relieve approved persons from the payment of GST on local purchases of specified marine fuel oil from GST registered suppliers.
To qualify for the scheme, businesses must be a GST-registered person and must meet all the qualifying criteria below, which include holding a valid bunkering licence and trading substantially in bunker fuel:
- The business is incorporated or registered in Singapore;
- The primary activity of the business is supplying bunker fuel for use on board ocean-going ships and at the time of application, it holds a valid MPA bunkering licence with at least three months validity period (For companies engaged in trading of bunker fuel for less than 12 months, the application may only be considered if the business has commenced trading in bunker fuel.)
- The business must be a GST- registered person, and have good compliance records in terms of tax compliance and payment;
- The business must have good internal controls and maintain high standards of accounting and record- keeping. It must also comply with all the requirements of the scheme that are set out by the Comptroller; and
- The business must assume full responsibility and accountability of GST should it fail to meet any of the conditions as required under the scheme after it is approved to operate under the scheme.
Apart from the above conditions, the Comptroller may impose a security (in the form of a letter of guarantee).
The AMFT status is generally granted for three years from the date of approval. A shorter period may be granted at the discretion of the Comptroller.
Application procedures as well as the list of Approved Marine Fuel Traders as at 30 September 2015 are also listed on the IRAS website.
The update was made on 29 September 2015.
Source: IRAS and extracts from the IRAS e-Tax Guide, “Approved Marine Fuel Trader (AMFT) Scheme” published on 30 September 2013.