16 December 2015
The Inland Revenue Authority of Singapore (IRAS) has updated its website to introduce a new online platform that provides easier recordkeeping for businesses under the Major Exporter Scheme (MES) scheme.
Major Exporter Scheme (MES) is a scheme whereby the payment of GST is suspended at the point of importation of goods. MES traders will be allowed to import non-dutiable goods without paying GST to Singapore Customs (SC).
Regulation 45 of the Goods and Services Tax (General) Regulations provides for the suspension of payment by GST-registered persons who qualify for the MES of GST on importation of non-dutiable goods. From 1 July 2006 onwards, such businesses will also enjoy GST suspension on goods removed from a Zero GST warehouse.
In this update, a new section, “Ease of compliance” has been inserted which outlines the TradeXchange Repository Service, an online platform for the consolidation of relevant trade documents for businesses to meet the recordkeeping requirements for imports and exports.
The key features of the TradeXchange Repository Service are:
- the ability to search and view permit information, including supporting trade documents
- the ability to configure alert notifications when the set of documents required for stitching is incompete/ready for viewing
- easy to use filters for generation of document completeness reports.
For further details, please refer to the IRAS’s website.
The update was made on 14 December 2015.