On 29 March 2018, the Goods and Services Tax (General) (Amendment) Regulations 2018 (S 179/2018) were published in the Government Gazette (electronic edition) and came into operation on 1 April 2018 as a result of the renaming of the International Enterprise Singapore Board to the Enterprise Singapore Board.
Regulation 46A Approved Refiner and Consolidator Scheme (ARCS)
Regulations 46A(1)(a)(iii)(B) and 46A(2)(a) is amended by S 179/2018, in operation from 1 April 2018, by substituting “Enterprise Singapore Board established by section 3 of the Enterprise Singapore Board Act 2018 (Act 10 of 2018)” for “International Enterprise Singapore Board established under section 3 of the International Enterprise Singapore Board Act (Cap. 143B)”.
The ARCS is designed to ease cash flow and compliance of qualifying refiners and consolidators of investment precious metals (IPM) in their payment of GST on import and purchase of raw materials and relieve input tax incurred on refining activities.
Source: IRAS, 8 April 2018