Public Consultation on Draft GST Amendment Billl 2012 is now opened till 27 July
The Ministry of Finance is seeking feedback on the draft GST (Amendment) Bill 2012 covering the following GST changes (including those announced in the Budget Statement 2012). These include:
(a) Exempting the import and supply of investment-grade gold and precious metals from GST
(b) New Approved Refiner and Consolidator Scheme to enable them to claim input tax to make the first exempt supply of investment-grade precious metals after refining
(c) Extending the scope of GST zero-rating of prescribed financial services relating to goods situated outside Singapore;
(d) Allowing the Comptroller and Minister to set conditions when granting GST remission;
(e) Extending the Temporary Removal Scheme to goods removed temporarily from approved warehouses for repairs;
(f) Allowing zero-rating of repair services performed on qualified goods outside the Approved Specialised Warehouse;
(g) Technical change to zero-rating relief for specified supplies made to Approved Marine Customers, and specified supplies made to overseas persons relating to specified goods kept in an Approved Specialised Warehouse; and
(h) Technical change to the Approved Contract Manufacturer & Trader (ACMT) Scheme.
Please refer to the attached files for more details.