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.