Tax Changes

Summary

FAQ/Related Information

Changes to the GST treatment of aircraft and aircraft related supplies

The following GST changes will take effect from 1 Apr 2009:
(i) Revision to the definition of ‘qualifying aircraft’;
(ii) Extension of  zero-rating relief to cover the sale, maintenance and repair services of aircraft components or systems as long as they form part of a qualifying aircraft;
(iii) Import GST suspension for approved aerospace players under a new scheme.

Changes to the GST treatment of aircraft and aircraft related supplies

Suspension of GST on goods temporarily removed from Zero GST or Licensed Warehouse for Auctions and Exhibitions

With effect from 1 Apr 2009, GST will be suspended on the following:
(i) Temporary removal of goods stored in a Zero GST or Licensed Warehouse for auctions or exhibitions, provided the goods are returned to the warehouse after the auction or exhibition; and
(ii) Sale of these goods at the auction or exhibition, provided the goods are returned to the warehouse subsequently.

Details of the above tax changes will be released by Singapore Customs by Mar 2009.

Suspension of GST on goods temporarily removed from Zero GST or Licensed Warehouse for Auctions and Exhibitions 

Recovery of GST for qualifying funds

Qualifying funds managed by prescribed fund managers will be allowed to recover a substantial portion of the GST incurred on prescribed expenses incurred from 22 Jan 2009 to 31 Mar 2014 (both dates inclusive). 

Details of the GST remission will be released by MAS by Apr 2009.

GST for specific industries - Funds