Singapore legislation

Section 34A

of Goods and Services Tax Act 1993

Section 34A

Transfers of going concerns: input tax deemed deducted

(1)

Where —

(a)

a business or part thereof carried on by a taxable person is transferred as a going concern to a transferee who is also a taxable person together with the assets of such business; and

(b)

by virtue of any order made under section 10(3)(c), the supply of such assets to the taxable person is treated as neither a supply of goods nor a supply of services,the transferee is deemed to have incurred input tax on the value of the supply of such assets, and to have deducted such input tax from any output tax due from the transferee on the day of the supply.

(2)

For the purposes of this section, the value of the supply of any assets as referred to in subsection (1) is calculated in accordance with section 17 without the addition of tax.

(3)

The Minister may make regulations to provide for any provision of this Act which relates to a person who deducts input tax under section 19 to apply to a transferee referred to in subsection (1).

(4)

Regulations made under subsection (3) may provide —

(a)

for the modification of any such provision of this Act in order that it may properly apply to a transferee referred to in subsection (1); and

(b)

for such incidental and supplementary matters as appear to the Minister necessary or expedient.

Read in full context — Goods and Services Tax Act 1993 →