On 11 August 2018, the Inland Revenue Authority of Singapore (IRAS) has published a new e-Tax Guide that was re-wrote on 16 July 2018, on GST: Approved Contract Manufacturer and Trader (ACMT) Scheme. It replaces the e-Tax Guide on GST Approved Contract Manufacturer and Trader (ACMT) Scheme (Twelve Edition).<\/p>\n
Under normal GST rules, a GST-registered contract manufacturer must charge and account for GST on supplies of value-added activities performed on their client\u2019s goods that remain in Singapore. If the client is an overseas person who is not GST-registered, it is not possible to recover the GST costs incurred.<\/p>\n
Under the ACMT scheme, a qualifying contract manufacturer can disregard the supply of value-added activities (i.e., not subject to GST) to overseas non-GST registered clients where the supply comprises a process being applied to or carried out on goods under a contract with and directly benefiting the overseas client. A qualifying contract manufacturer can also enjoy import GST suspension and input tax claim privileges on behalf of an overseas client, subject to certain conditions being met.<\/p>\n
Similar benefits are also available for qualifying logistics companies acting as a distributing agent for overseas non-GST registered clients.<\/p>\n
Source: IRAS<\/em>, 13 August 2018<\/p>\n","protected":false},"excerpt":{"rendered":" On 11 August 2018, the Inland Revenue Authority of Singapore (IRAS) has published a new e-Tax Guide that was re-wrote on 16 July 2018, on GST: Approved Contract Manufacturer and Trader (ACMT) Scheme. It replaces the e-Tax Guide on GST Approved Contract Manufacturer and Trader (ACMT) Scheme (Twelve Edition). Under normal GST rules, a GST-registered […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9,6],"tags":[],"class_list":["post-716","post","type-post","status-publish","format-standard","hentry","category-gst","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/716","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=716"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/716\/revisions"}],"predecessor-version":[{"id":717,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/716\/revisions\/717"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=716"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}