Singapore Budget 2012 - Good and Services Tax
GST exemption on investment-grade gold and precious metals
With effect from 1 Oct 2012, the import and supply of investment-grade gold, silver and platinum will be exempt from GST. Measures will also be introduced to ease cash flow of qualifying refiners and local consolidators of these precious metals in the payment of input GST on import and purchase of raw materials.IRAS will release further details of the changes by 1 Sep 2012. Extending the GST Temporary Import Period from 3 to 6 months
With effect from 1 Apr 2012, the temporary import relief period of 3 months will be extended to 6 months. All other existing terms and conditions of the scheme apply.Singapore Customs will release further details of the change by 26 Mar 2012. Extending the GST Tourist Refund Scheme (“TRS”) to tourists departing by international cruise
With effect from 1 Jan 2013, the TRS will be available to goods that are brought out of Singapore by international cruise passengers (excluding cruises-to-nowhere, round-trip cruise and regional ferry passengers) via the Singapore Cruise Centre at Harbourfront and the International Cruise Terminal at Marina South.IRAS, Singapore Customs and Singapore Tourism Board will release further details of the changes by 1 Sep 2012. Simplifying GST import relief for incoming travellers
With effect from 1 Apr 2012, the GST import relief for travellers bringing goods into Singapore will be simplified. Inbound travellers, regardless of their ages, who have spent time outside Singapore for at least 48 hours will be given GST import relief of $600, while those who have been away for less than 48 hours will be given GST import relief of $150.
Singapore Budget 2012 - Stamp Duty
Enhancing Stamp Duty Relief for Qualifying Merger & Acquisition (“M&A”)
Stamp duty relief will be extended to M&A deals completed from 17 Feb 2012 to 31 Mar 2015 where:- The acquiring company acquires shares of the target company through multiple tiers of wholly-owned subsidiaries; and
- The qualifying conditions imposed on the target company may be satisfied by any of the multiple tiers of wholly-owned subsidiaries of the target company
EDB may waive the condition that the acquiring company must be held by an ultimate holding company that is incorporated in Singapore and a tax resident of Singapore, subject to conditions.IRAS will release further details of the changes by 30 Jun 2012.Singapore Budget 2012 - Withholding Tax Payment
Extended tax filing and payment deadline for withholding tax
The payer will be allowed one additional month to file and pay the tax, i.e. by the 15th of the second month following the date of payment to the non- resident. This change will take effect for all payments made to non-residents on or after 1 Jul 2012.E.g., if the payer is liable to make an interest payment to the non-resident on 5 Jul 2012, he has to notify Comptroller of Income Tax and remit the tax withheld by 15 Sep 2012.
