On or about 30 October 2019, the Inland Revenue Authority of Singapore (IRAS) has released the second edition of the e-Tax Guide GST: Approved Contract Manufacturer and Trader (ACMT) Scheme. It replaces the first edition published on 16 July 2018.
This e-Tax Guide explains the benefits, qualifying criteria and obligations of the Approved Contract Manufacturer and Trader (ACMT) Scheme.
It is essential for a GST-registered contract manufacturer (“CM”) in the semi-conductor, printing or biomedical industry who wish to apply for the scheme or who are already approved as ACMT CM or ACMT LOG under the scheme.
In second edition, the following revisions were made:
- amended para 3.4 on meaning of an overseas client to include one who is registered under the OVR regime as a pay-only person, and
- amended para 4.1, 6.1 and 15.1(b)(ii) and Annex C to take into account a person who is registered for GST under the OVR regime as a pay-only person.
For more information, please visit the IRAS website.
Source: IRAS website, 30 October 2019.