Singapore legislation
Section 21B
Section 21B
Zero-rating of sale or letting on hire of goods to approved taxable person in shipping or marine industry
(1)
The Minister may by regulations, in relation to a sale or letting on hire of goods for a prescribed purpose made by any taxable person to a taxable person in the shipping or marine industry who is approved by the Comptroller, permit the supply to be zero‑rated.
(2)
Where a supply by a taxable person is zero-rated under subsection (1), then, whether or not tax would be chargeable on the supply apart from this section —
no tax is charged on the supply; but(b)it is in all other respects treated as a taxable supply,and accordingly the rate at which tax is treated as charged on the supply is nil.
(3)
Regulations made under subsection (1) may —
require the taxable person approved by the Comptroller and to whom a supply referred to in subsection (1) has been made to account for the tax on the supply that would, but for regulations made under subsection (1), be chargeable on the supply, in such circumstances, and in such form and manner and within such time, as may be prescribed; and
where any requirement of the regulations is not complied with or in such other circumstances as may be prescribed, require an amount equivalent to the tax that would, but for subsection (1), be chargeable on the supply to be accounted for.
(4)
The Comptroller may, for the protection of revenue, impose conditions or restrictions in relation to any supply referred to in subsection (1).
(5)
This section does not apply to Seventh Schedule supplies.