Tag: Import GST deferment scheme

IRAS’s issues e-Tax Guide “Import GST Deferment Scheme (4th Edition)”

On By taxsgIn Corporate Tax, Goods and Services Tax

31 December 2015

On 18 December 2015, the Inland Revenue Authority of Singapore (IRAS) issued the fourth edition of the e-Tax Guide, “GST: Import GST Deferment Scheme”.

The e-Tax Guide explains how Import GST Deferment Scheme (IGDS) works and sets out the qualifying conditions of IGDS as well as the responsibilities of an IGDS business.

IGDS allows an approved business to defer the payment of import GST until the submission of the GST return for the prescribed accounting period. This scheme is not applicable to customs or excise duties, which remain payable upfront at the point of importation.

As an approved IGDS business, businesses are required to account for the deferred import GST in the GST return for the period in which the import GST is payable. If the goods are imported for the business of making taxable supplies, they are entitled to claim the import GST as input tax in the same period.

IGDS will apply to both dutiable and non-dutiable overseas goods under the following circumstances:

  • Direct imports into Singapore
  • Imports released from Zero-GST/Licensed warehouses for local consumption

In the fourth edition, paragraphs 7.2(a) “Application process for IGDS” and 8.4 “Renewal of IGDS” were amended to reflect the new process for businesses with ACAP status where the “ASK: Declaration Form on Completing Annual Review & Voluntary Disclosure of Errors” is not required if a Post ACAP Review (PAR) is performed and the “PAR Declaration” form (GST F28) is submitted. Similarly, if businesses have successfully applied to participate in ACAP to be performed by an independent ACAP Reviewer, the certified ASK declaration form will not be required, unless the ACAP participation is subsequently withdrawn or there is failure to obtain ACAP status.

The third edition was published on 18 September 2015.

For further details, please refer to the IRAS’s website.

Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website. Visit http://www.iras.gov.sg for more information.

 

IRAS issues e-Tax Guide: “GST: Import GST Deferment Scheme (2nd Edition)”

On By taxsgIn Goods and Services Tax

13 December 2014

On 10 December 2014, the Inland Revenue Authority of Singapore (IRAS) issued an updated e-Tax Guide, “GST: Import GST Deferment Scheme (2nd Edition)”.

The e-Tax Guide explains how Import GST Deferment Scheme (IGDS) works and sets out the qualifying conditions of IGDS as well as the responsibilities of an IGDS business.

IGDS allows an approved business to defer the payment of import GST until the submission of the GST return for the prescribed accounting period. This scheme is not applicable to customs or excise duties, which remain payable upfront at the point of importation.

As an approved IGDS business, businesses are required to account for the deferred import GST in the GST return for the period in which the import GST is payable. If the goods are imported for the business of making taxable supplies, they are entitled to claim the import GST as input tax in the same period.

IGDS will apply to both dutiable and non-dutiable overseas goods under the following circumstances:

  • Direct imports into Singapore
  • Imports released from Zero-GST/Licensed warehouses for local consumption

In this edition, amendments were made to paragraph 5.3 (c) (Approved Purposes of IGDS status). A new paragraph 5.3(d) has also been inserted to reflect changes from 1 January 2015 where the IGDS status can be used to re-import goods which have previously sent abroad for value-added activities, belonging to local customers or GST-registered overseas customers, under s 33B.

The previous edition was published on 31 March 2014.

For full details, please refer the e-Tax Guide on the IRAS website.

Source: This article was extracted from the Inland Revenue Authority of Singapore’s (IRAS) website. Visit http://www.iras.gov.sg/ for more information.

IRAS issues e-Tax Guide, “GST: Import GST Deferment Scheme (IGDS)(7th Edition )”

On By taxsgIn Goods and Services Tax, Latest Tax News

7 January 2013

On 2 January 2013, the Inland Revenue Authority of Singapore (‘IRAS’) issued the seventh edition of the e-Tax Guide, ” GST: Import GST Deferment Scheme (‘IGDS’)”.

The e-Tax Guide explains how IGDS works and sets out the qualifying conditions of IGDS as well as the responsibilities of an IGDS business.

IGDS allows an approved business to defer the payment of import GST until the submission of the GST return for the prescribed accounting period. This scheme is not applicable to customs or excise duties, which remain payable upfront at the point of importation.

As an approved IGDS business, businesses are required to account for the deferred import GST in the GST return for the period in which the import GST is payable. If the goods are imported for the business of making taxable supplies, they are entitled to claim the import GST as input tax in the same period.

IGDS will apply to both dutiable and non-dutiable overseas goods under the following circumstances:

• Direct imports into Singapore
• Imports released from Zero-GST/Licensed warehouses for local consumption

In this edition, certain paragraphs have been revised and updated, namely on the responsibilities of an IGDS business as well as on the application process for IGDS.

Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website. Visit http://www.iras.gov.sg for more information.

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)