24 November 2015
The Inland Revenue Authority of Singapore (IRAS) has updated its website on the GST treatment on bunkering.
New content has been added on GST treatment of:
- Lease of bunker tanker/transport of fuel or marine waste,
- Loan of fuel, where the lender need not account output tax for the loan of fuel if no consideration is received. Should circumstances change and the lender treats the fuel on loan as being sold to the borrower, GST is chargeable on the sale of fuel. The borrower is allowed to claim input tax on the purchase of fuel that is returned to the lender.
The update was made on 19 November 2015.