On or about 1 June 2016, the Inland Revenue Authority of Singapore (IRAS) has released the first edition of the e-Tax Guide GST: Guide on Approved Import GST Suspension Scheme.
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.
Generally, all goods imported into Singapore are subject to GST. However with the Approved Import GST Suspension Scheme (AISS), qualifying businesses in the aerospace industry can import goods and freely move aircraft parts into Singapore and from the Free Trade Zones (under prescribed scenarios) free of GST, thereby alleviating their cash flow burden.
Source: IRAS website, 1 June 2016