On or about 5 July 2019, the Ministry of Finance (MOF) has proposed five amendments to the Goods and Services Tax Act which plans to exempt the sale and transfer of digital payment tokens from the tax. The MOF is requesting public feedback on the amendments from 5 July 2019 to 26 July 2019.
The draft GST (Amendment) Bill 2019 provides for two proposed amendments related to the planned introduction of GST on imported services from 1 January 2020:
- refine the design parameters for GST on imported services, and
- introduce an offence for misrepresentation of information.
The draft GST (Amendment) Bill 2019 provides for other three proposed changes to existing tax policies and administration, arising from our periodic review of Singapore’s GST system:
- update the GST treatment for digital payment tokens
- make changes to the reporting of proceedings and decisions of tax cases by the High Court and Court of Appeal, and
- introduce definitions of “accountant” and “advocate and solicitor” for purposes of appeals to the GST Board of Review.
The detailed consultation documents for the draft GST (Amendment) Bill 2019 can be accessed on the MOF website. Feedback must be submitted by 26 July 2019.
Source: MOF website press release, 5 July 2019