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)
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