Goods and Services Tax (General) (Amendment) Regulations 2008

No. S 235

Goods and Services Tax Act

(Chapter 117A)

Goods and Services Tax (General) (Amendment) Regulations 2008

In exercise of the powers conferred by sections 20(3), (4) and (5), 30(3) and (4), 41(1) and 86(1) of the Goods and Services Tax Act, the Minister for Finance hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Goods and Services Tax (General) (Amendment) Regulations 2008 and shall come into operation on 1st May 2008.

Amendment of regulation 3

2. Regulation 3 of the Goods and Services Tax (General) Regulations (Rg 1) (referred to in these Regulations as the principal Regulations) is amended —

(a)	by inserting, immediately after the words “representative member” in paragraph (1), the words “who satisfies regulation 4(2A)”; and
(b)	by inserting, immediately after the word “group” in paragraph (2)(c), the words “who satisfies regulation 4(2A)”.

Amendment of regulation 4

3. Regulation 4 of the principal Regulations is amended —

(a)

by deleting paragraph (2) and substituting the following paragraphs:

“(2) A taxable person falls within this paragraph if the person —

(a)	is resident in Singapore or has an established place of business in Singapore;
(b)	has an annual turnover of $1 million or more;
(c)	has issued shares which are listed on a securities exchange established in or outside Singapore;
(d)	is a subsidiary of a body corporate that satisfies sub-paragraph (b) or (c); or
(e)	is financed by an entity (as part of its venture capital investment business) that satisfies sub-paragraph (b) or (c).

(2A) A taxable person is eligible to be a representative member of a group referred to in paragraph (1) if the taxable person satisfies —

(a)	paragraph (2)(a); and
(b)	in a case where the group comprises one or more taxable persons who do not satisfy paragraph (2)(a), sub-paragraph (b), (c), (d) or (e) of paragraph (2).”; and

(b)

by inserting, immediately after the words “holding company” in paragraph (3)(c), the words “or subsidiary”.

Amendment of regulation 6

4. The principal Regulations are amended by renumbering regulation 6 as paragraph (1) of that regulation, and by inserting immediately thereafter the following paragraph:

“(2) The Comptroller may, by notice in writing to the members of a group, terminate the registration of the group from such date as may be specified in the notice if he is satisfied that —

(a)	the representative member of the group has ceased to satisfy any of the requirements for eligibility to be a representative member under regulation 4(2A);
(b)	not one of the members of the group is eligible to be a representative member; or
(c)	it is necessary for the protection of revenue.”.

Amendment of regulation 13

5. Regulation 13(1) of the principal Regulations is amended —

(a)

by deleting the words “registered taxable person” in sub-paragraph (a) and substituting the word “supplier”; and

(b)

by inserting, immediately after sub-paragraph (a), the following sub-paragraph:

“(aa)

an identifying number;”.

Amendment of regulation 25

6. Regulation 25(1) of the principal Regulations is amended by inserting, immediately after the definition of “relative”, the following definition:

“ “special purpose vehicle” means —

(a)	in relation to a real estate investment trust, a trust that is established solely in order for its trustee to hold, directly or indirectly, any immovable property or immovable property-related asset in which the real estate investment trust invests or proposes to invest; or
(b)	in relation to a business trust, a trust that is established solely in order for its trustee to hold, directly or indirectly, any property (or part thereof) in respect of which the business trust is established;”.

Amendment of regulation 33

7. Regulation 33 of the principal Regulations is amended —

(a)

by deleting paragraph (h) and substituting the following paragraphs:

“(h)

the hedging of any interest rate risk that arises or is likely to arise from —

(i)	the making of any supply specified in paragraph (a) or (c); or
(ii)	any loan obtained by a taxable person in the making of any supply specified in section 20(2) of the Act;

(ha)

the hedging of any currency risk that arises or is likely to arise from —

(i)	the making of any supply specified in paragraph (a), (c), (d) or (g) or section 20(2) of the Act; or
(ii)	any loan obtained by a taxable person in the making of any supply specified in section 20(2) of the Act;

(hb)

the hedging of any utility price risk, freight price risk or commodity price risk that arises or is likely to arise from the making of any supply specified in section 20(2) of the Act;”; and

(b)

by deleting the full-stop at the end of paragraph (i) and substituting a semi-colon, and by inserting immediately thereafter the following paragraph:

“(j)	the receipt of interest in respect of the provision of credit for any trade receivable.”.

Amendment of regulation 34

8. Regulation 34 of the principal Regulations is amended by deleting paragraph (l) and substituting the following paragraph:

“(l)	a unit trust, not being a real estate investment trust (or its special purpose vehicle) or a business trust (or its special purpose vehicle).”.

Amendment of regulation 79

9. Regulation 79 of the principal Regulations is amended by deleting paragraph (a) and substituting the following paragraphs:

“(a)	the name and registration number of the supplier;
(aa)	the date of issue of the receipt; and”.

[G.N. Nos. S 261/2002; S 427/2002; S 648/2002; S 182/2003; S 316/2003; S 627/2003; S 237/2004; S 728/2004; S 729/2004; S 646/2005; S 394/2006; S 673/2006; S 327/2007; S 423/2007; S 540/2007; S 689/2007]

Made this 25th day of April 2008.

TEO MING KIAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF R060.001.0013 V31; AG/LEG/SL/117A/2002/2 Vol. 4]

(To be presented to Parliament under section 86(2) of the Goods and Services Tax Act).

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