7 November 2016
The Inland Revenue Authority of Singapore (IRAS) has updated its website on GST for the biomedical industry whereby with effect from 1 November 2016, pharmaceutical products will be categorised as “therapeutic products”, to be regulated under the Health Products Act (HPA).
Notwithstanding the change, GST relief will continue to be applicable for:
- medicinal and therapeutic products imported into Singapore for use in local regulated clinical trials,
- therapeutic products imported for re-export for overseas clinical trials, and
- medicinal and therapeutic products imported for destruction/disposal in Singapore.
For further details, please refer to the IRAS website.