3 December 2011
First published in November 2008, the latest edition of the e-Tax Guide, “GST Guide for the Market Participants in the National Electricity Market of Singapore (“NEMS”) (Third Edition)” was, on 28 November 2011 released by IRAS. The revised edition incorporates feedback received from the industry and provides further clarity on the GST treatment applicable to passing of vesting debits/credits and price neutralisation.
The revised e-Tax Guide incorporates changes as follows:
- Amendments to para 4.4 (Treatment of vesting debits/credits in Vesting Contracts), Appendix 1 (Summary Table on GST Treatment) and Appendix 2 (Numerical illustration of the GST treatment on the supply of electricity in the wholesale market), and
- New insertion on the treatment of the passing of vesting debits/credits between the Retailers and the Gencos as part of the Contracts for Differences (CfDs) between them being an exempt supply. Hence, the requirement for Retailers and Gencos to report the net gains or losses in their GST returns (para 5.7).
To view the full e-Tax Guide, please click here.
Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website.
You must be logged in to post a comment.