Tag: Approved contract manufacturer and trader scheme

Accredited tax practitioner with the SIATP to certify ASK declaration form with effect from 1 January 2013

On By taxsgIn General News

5 March 2013

GST Assisted Self-help Kit (ASK) is a self-assessment package which is designed to help GST-registered businesses manage their compliance effectively.

Under ASK, businesses who are applying for GST schemes, such as the Import GST Deferment Scheme (IGDS), Approved Marine Customer Scheme (AMCS) or Approved Contract Manufacturer and Trader (ACMT) Scheme must perform a self-review by way of an ASK declaration form.

With effect from 1 January 2013, one of the qualifying conditions for approval is that the ASK declaration form has to be certified by either the in-house or external tax professional who is accredited as an Accredited Tax Practitioner (GST) with the Singapore Institute of Accredited Tax Professionals (SIATP).

IRAS has on 1 March 2012, updated the following GST guides to reflect the above requirement on the application and renewal processes of the following schemes:

  • GST Guide on Import GST Deferment Scheme (Fifth Edition)
  • GST Guide for on Approved Contract Manufacturer and Trader (ACMT) Scheme (Ninth Edition)
  • GST Guide for the Marine Industry – 2011 Budget Changes (Third Edition)
  • GST Guide on Major Exporter Scheme (Seventh Edition).

GST-registered businesses may adopt ASK on a voluntary basis.
Source: Inland Revenue Authority of Singapore (IRAS)

Revisions to GST Guides for importers, retailers, logistics companies and the marine and biomedical industries

On By taxsgIn General News, Goods and Services Tax, Latest Tax News

1 March 2012

IRAS has revised the various e-Tax Guides to explain the various tax treatment and savings schemes applicable to importers, retailers, logistics companies and for those in the marine and biomedical industries:

  • The fourth edition of the e-Tax Guide, “Import GST Deferment Scheme (Fourth Edition)” was published on 25 January 2012 by IRAS. Import GST Deferment Scheme (IGDS) allows an approved business to defer the payment of import GST until the submission of the GST return for the prescribed accounting period.
  • The GST Guide on Imports (3rd Edition) published by IRAS on 10 January 2012, provides basic information on GST matters relating to importation of goods, including GST reporting requirements and various related schemes available.
  • On 18 January 2012, IRAS issued the sixth edition of the e-Tax Guide on “GST Guide for Retailers (6th Edition)”. The guide explains the GST treatment applicable to common scenarios encountered by retailers and also addresses frequently asked questions.
  • An “Approved 3PL Company Scheme” is a scheme regulated by Regulation 45A of Goods and Services Tax (General Regulations) whereby the Comptroller of GST may allow goods to be delivered or removed without payment of GST on importation and supplied to another taxable person without GST chargeable on the supply. IRAS has updated the e-Tax Guide to this scheme on 10 January 2012.
  • IRAS has updated the e-Tax Guide to GST: Approved Contract Manufacturer and Trader (ACMT) Scheme (Eight Edition). The changes in this edition was published on 10 January 2012.
  • The e-Tax Guides, “GST Guide for the Marine Industry – 2010 Budget Changes”, as well as the “GST Guide for the Marine Industry – 2011 Budget Changes” have been revised by IRAS on 10 January 2012, to take into account recent legislative amendments.
  • IRAS has updated the “GST Guide for the Biomedical Industry – 3rd Edition” on 14 January 2012 to take into account recent legislative amendments.
  • 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). On 10 January 2012, IRAS issued the sixth edition of the e-Tax Guide on GST, “Major Exporter Scheme (6th Edition)”.

To view the revised e-Tax Guides, please click visit the IRAS website at www.iras.gov.sg

Source: Inland Revenue Authority of Singapore (IRAS)

Goods and Services Tax (General) (Amendment No. 2) Regulations 2011 comes into operation on 1 January 2012

On By taxsgIn e-Gazette, Legislative Updates

4 January 2012

The Goods and Services Tax (General) (Amendment No. 2) Regulations, published on 27 December 2011, comes into operation on 1 January 2012.

The Goods and Services Tax (General) Regulations (Rg 1) (referred to in these Regulations as the principal Regulations) are amended by:

  • New Regulations 42A “Repayment of tax to persons in business overseas”,  106A ‘‘Zero-rating of supplies to approved marine customers and 106B  “Specialised Warehouses Scheme”
  • Amendment  of Regulations 45 “Major Exporter Scheme”,  45A “Approved Third Party Logistics Company Scheme”, 45C “Approved Import Tax Suspension Scheme”, 45D “Approved GST Deferment Scheme”, 46 “Approved contract manufacturer and trader scheme”, 63 “Time for payment of refund”, 64 “Interest on late payment” and 108 “Offences”.

Source: e-Gazette