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The Bill
contains proposed legislation to put into effect changes
announced for the Budget 2009.
The
accepted suggestion will be incorporated in the revised
Bill or IRAS' e-tax guides, or be studied by IRAS as
part of its periodic review of the GST system.
Altogether, 16 suggestions were received on the draft
Goods and Services Tax (Amendment) Bill during the
public consultation exercise held from 3 to 24 June this
year.
In its
statement, the Ministry of Finance said that the
remaining 7 suggestions were not accepted for
implementation as "they were inconsistent with drafting
convention for legislation or policy objectives of the
tax changes."
The
following are the Budget 2009 tax changes:
(a)
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;
(b) GST
suspension for goods temporarily removed from Zero-GST
or Licensed Warehouses for auctions and exhibitions;
Other
tax changes:
(c) GST
registration of a trust in the name of the trust (as an
alternative to registering in the name of the trustee);
(d)
Extension of the current GST treatment for physical
vouchers to all forms of vouchers including electronic
vouchers; and
(e)
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.
Source
: AsiaOne, India, dated
13/08/2009
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