On or about 30 October 2019, the Inland Revenue Authority of Singapore (IRAS) has released the second edition of the e-Tax Guide GST: Guide on Approved Import GST Suspension Scheme. It replaces the first edition (as amended) published on 11 August 2017.
This e-Tax Guide explains the mechanism and qualifying criteria for the Approved Import GST Suspension Scheme (AISS). It is essential for a GST-registered business in the aerospace industry who would like to apply for the scheme.
The revised e-Tax Guide incorporates the following updates:
- amended paragraph 4.1, 8.3 and 8.4 to include an overseas principal who is registered for GST under the overseas vendor registration (OVR) regime as pay-only person
- amended paragraph 5.2 on the meaning of ‘annual supplies’
Source: IRAS website, 30 October 2019