The Inland Revenue Authority of Singapore publishes 6 IRAS e-Tax Guides regarding Singaporean Goods and Services Tax

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(December 11, 2014)

On December 10, 2014 the Inland Revenue Authority of Singapore (IRAS) published the following 6 IRAS e-Tax Guides regarding Singaporean Goods and Services Tax (GST).

 

IRAS e-Tax Guide – GST: Import GST Deferment Scheme (Second edition)

This e-Tax Guide explains how the Import GST Deferment Scheme (IGDS) works and sets out the qualifying conditions of IGDS as well as the responsibilities of an IGDS business. According to the guide you should read this e-Tax Guide if you, as a GST-registered business are interested in applying for the scheme to ease your import GST cash flow.

 

IRAS e-Tax Guide – GST: Major Exporter Scheme (Second Edition)

This e-Tax Guide explains the mechanism and qualifying criteria for the Major Exporter Scheme (MES). According to the guide you should read this e-Tax Guide if you are a GST-registered business who would like to apply for the scheme where GST is suspended on your imports.

 

IRAS e-Tax Guide – GST: Approved Contract Manufacturer and Trader (ACMT) Scheme (Tenth edition)

This e-Tax guide explains how the ACMT scheme works, the qualifying conditions for the scheme and responsibilities of approved ACMT persons.

 

IRAS e-Tax Guide – GST Guide for the Biomedical Industry (Second Edition)

This e-Tax Guide provides details on the Budget 2011 GST changes for the biomedical industry. This guide also clarifies the GST treatment for other common scenarios and issues in the biomedical industry based on existing GST rules.

 

IRAS e-Tax Guide – GST: Approved Refiner and Consolidator Scheme (ARCS) (Fourth edition)

This e-Tax Guide provides details of the new Approved Refiner and Consolidator Scheme (ARCS). The scheme is a measure to ease cash flow and compliance of qualifying refiners and consolidators of Investment Precious Metals (‘IPM’) in their payment of GST on import and purchase of raw materials as announced by the Deputy Prime Minister and Minister for Finance in his 2012 Budget Statement, as well as to relieve input tax incurred in their refining activities. These benefits aim to develop a new IPM refining and trading cluster in Singapore.

This guide covers the following:

a)      Benefits of the ARCS for qualifying refiners and consolidators;

b)      Eligibility conditions and application procedure for the ARCS for refiners and consolidators; and

c)       Responsibilities and reporting requirements under ARCS for approved refiners and consolidators.

 

IRAS e-Tax Guide of GST on re-import of value added goods

This e-Tax guide explains the qualifying conditions under which a GSTregistered business is entitled to claim GST incurred on the re-import of goods previously sent overseas for value-added activities. According to the guide you should read this e-Tax Guide You should read this e-Tax guide if you send your customers’ goods overseas for value-added activities.

 


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