2 September 2013
In the third edition of the ACAP Guide issued by the Inland Revenue Authority of Singapore, revisions were made to paragraph 10 concerning the ACAP Annual Review. A new information leaflet providing more details on the Annual Review was also included as Appendix 2.
A new form, GST F28 “ACAP Annual Review Declaration” was inserted while existing GST F24 “Claim for Co-funding of GST ACAP” was modified.
Source: Inland Revenue Authority of Singapore
10 August 2013
The Ministry of Finance is conducting a public consultation on the draft GST (Amendment) Bill 2013 from 5 to 25 August 2013.
The proposed amendments to existing tax policies and tax administration comprise:
(a) The Comptroller of GST and authorised persons may confiscate goods and arrest persons in cases where Tourist Refund Scheme fraud is suspected;
(b) When there is a change of local agent between the time of import and the subsequent supply of goods, the new local agent is liable for GST;
(c) The Inland Revenue Authority of Singapore (IRAS) may release anonymised information to Government and Statutory Boards for statistical or research purposes, or disclose information concerning professional misconduct to the relevant professional body for their investigation;
(d) If a person, who had been permitted under the Approved Refiner and Consolidator Scheme to buy goods without GST, was subsequently found to be ineligible for the benefit, he has to pay back the GST; and
(e) The term “refine”, in the Approved Refiner and Consolidator Scheme, includes casting precious metals into a different form.
Additionally, the Bill includes the following non-tax policy changes:
(a) IRAS may share information with the Commercial Affairs Department and the Singapore Police Force for investigations relating to money laundering of tax crimes proceeds without a court order.
(b) The tax authority may offset outstanding taxes from Government payments to the taxpayer under any law, contract or scheme.
For full details, please refer to the Ministry of Finance’s website or the REACH consultation portal.
Source: Ministry of Finance
26 Jul 2013
In response to a letter “Are telco fees for charity shows really necessary” (TODAY, 23 July), the tax authority explained that the goods and services tax (GST) is levied on all local telephone charges. The fee imposed by the telco for its dial-in donation service is a charge for services rendered by a GST-registered business. Hence it is subject to GST. This is, however, independent of the donation component.
The IRAS’s full reply can be found on its website.
Source: Inland Revenue Authority of Singapore
12 July 2013
The sole proprietor of a beauty salon, Melati Binte Abu Bakar, was fined S$21,800 for evading Goods and Services Tax (GST) on beauty products valued at S$270,000. According to Singapore Customs, the goods were imported between January 2012 and April this year. Melati had submitted fake invoices in the applications for 27 import permits. The under-declaration resulted in a shortfall GST payment of S$11,325.99.
Fraudulent evasion of GST on imports is a serious offence under the Customs Act. Those guilty may be fined up to 20 times the amount of tax evaded and/or be jailed for up to two years.
Source: Singapore Customs
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:
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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