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Nod to 9 GST suggestions
GST suspension for goods temporarily removed from zero-GST or Licensed Warehouses for auctions and exhibitions. -- ST PHOTO: STEPHANIE YEOW
THE Ministry of Finance (MOF) has accepted for implementation nine out of the 16 suggestions received on the draft Goods and Services Tax (Amendment) Bill 2009 during the public consultation exercise held in June.
The draft amendment Bill contains proposed legislation to put into effect tax changes announced in this year's Budget, as well as other changes arising from the periodic review of the GST system, said MOF in a statement on Thursday:
The tax changes include zero-rating treatment for all aircrafts used wholly for international travel, as well as the sale and lease of aircraft parts forming part of a qualifying aircraft;
GST suspension for goods temporarily removed from zero-GST or Licensed Warehouses for auctions and exhibitions.
Extension of the current GST treatment for physical vouchers to all forms of vouchers and requirement for taxpayers to state their grounds of objection when applying for a review or revision of a decision made by the Comptroller of GST.
The other seven suggestions were not accepted for implementation as they were inconsistent with drafting convention for legislation or policy objectives of the tax changes, said the ministry.
Nod to 9 GST suggestions
GST suspension for goods temporarily removed from zero-GST or Licensed Warehouses for auctions and exhibitions. -- ST PHOTO: STEPHANIE YEOW
THE Ministry of Finance (MOF) has accepted for implementation nine out of the 16 suggestions received on the draft Goods and Services Tax (Amendment) Bill 2009 during the public consultation exercise held in June.
The draft amendment Bill contains proposed legislation to put into effect tax changes announced in this year's Budget, as well as other changes arising from the periodic review of the GST system, said MOF in a statement on Thursday:
The tax changes include zero-rating treatment for all aircrafts used wholly for international travel, as well as the sale and lease of aircraft parts forming part of a qualifying aircraft;
GST suspension for goods temporarily removed from zero-GST or Licensed Warehouses for auctions and exhibitions.
Extension of the current GST treatment for physical vouchers to all forms of vouchers and requirement for taxpayers to state their grounds of objection when applying for a review or revision of a decision made by the Comptroller of GST.
The other seven suggestions were not accepted for implementation as they were inconsistent with drafting convention for legislation or policy objectives of the tax changes, said the ministry.
