Singapore legislation
Schedule 3
Schedule 3
Valuation — Special Cases
THIRD SCHEDULESections 17(6) and 18(1)Valuation — Special CasesOpen market value1.—
Where —
the value of a supply made by a taxable person for a consideration in money is (apart from this paragraph) less than its open market value;
the person making the supply is connected with the person to whom it is made; and
if the supply is a taxable supply the person to whom the supply is made is not entitled under sections 19 and 20 of this Act to credit for all the tax on the supply,the Comptroller may direct that the value of the supply shall be taken to be its open market value.(2) A direction under this paragraph shall be given by notice in writing to the person making the supply, but no direction may be given more than 3 years after the time of the supply.(3) A direction given to a person under this paragraph in respect of a supply made by him may include a direction that the value of any supply —
which is made by him after giving of the notice, or after such later date as may be specified in the notice; and
as to which the conditions in sub-paragraph (1)(a) to (c) are satisfied,shall be taken to be its open market value.(4) This paragraph shall not apply to a supply to which paragraph 9 applies.Imported goods
2. Where —
goods are imported at a price in money which (together with all such taxes, duties, charges and costs as are specified in section 18(2)(a) and (b) of this Act and not included in the price) is less than their value as determined in accordance with section 18(3);
the person importing the goods and the person entitled to the price are connected; and
the person importing the goods is not entitled under sections 19 and 20 to credit for all the tax paid or payable by him on the importation,the Comptroller may direct that the value of the goods shall be determined in accordance with section 18(3).Interpretation
3. For the purposes of paragraphs 1 and 2 —
a direction may be varied or withdrawn by the Comptroller by a further direction given by notice in writing; and
a person shall be deemed to be connected with another if, whether directly or indirectly, either of them has any interest in any business or property of the other, or both have a common interest in any business or property, or some third person has any interest in the business or property of both of them.4.—
Where goods or services are supplied for a consideration in money and on terms allowing a discount for prompt payment, the consideration shall be taken for the purposes of section 17 of this Act as reduced by the discount, whether or not payment is made in accordance with those terms.(2) This paragraph shall not apply where the terms include any provision for payment by instalments.5.—
Where goods are imported at a price in money and on terms allowing a discount for prompt payment, the price shall be taken for the purposes of section 18(2) as reduced by the discount, whether or not payment is made in accordance with those terms.(2) This paragraph shall not apply where the terms include any provision for payment by instalments.Token, stamp or voucher
6. Where a right to receive goods or services for a monetary value stated on any token, stamp (not being a postage stamp within the meaning of the Telecommunication Authority of Singapore Act 1992 [Act 12 of 1992]) or voucher is granted for a consideration, the consideration shall be disregarded for the purposes of this Act except to the extent (if any) that it exceeds that monetary value.Business assets
7. Where there is a supply of goods by virtue of —
paragraph 5(1) of the Second Schedule (but otherwise than for a consideration); or
paragraph 7 of the Second Schedule,the value of the supply shall be taken to be the cost of the goods to the person making the supply except where paragraph 9 applies.
8. Where there is a supply of services by virtue of —
an order made under section 10(3); or
paragraph 5(3) of the Second Schedule (but otherwise than for a consideration),the value of the supply shall be taken to be the full cost to the taxable person of providing the services except where paragraph 9 applies.Employees’ benefits9.—
This paragraph shall apply to a supply of goods or services, whether or not for a consideration, which is made by an employer and consists of —
the provision in the course of catering of food or beverages to his employees; or
the provision of accommodation for his employees in a hotel, inn, boarding house or similar establishment.(2) The value of a supply to which this paragraph applies shall be taken to be nil unless the supply is for a consideration consisting wholly or partly of money, and in that case its value shall be determined without regard to any consideration other than money.Foreign exchange
10. Where any sum relevant for determining value is expressed in a currency other than Singapore currency, it is to be converted into Singapore currency at the selling rate of exchange prevailing in Singapore at the time of supply or in the case of the import of goods at the time applicable under the Customs Act [Cap. 70] for the calculation of customs or excise duties and valuation.Taxes or duties imposed by reason of supply
11. Where any taxes or duties other than goods and services tax, including entertainments duty, excise duty, betting and sweepstake duties, lotteries duty and tax imposed under the Statutory Boards (Taxable Services) Act [Cap. 318] but excluding stamp duty are imposed or levied by reason of the supply of goods or services, the value of the supply shall include the amount of such taxes or duties.Residential Premises
12. Where a supply consists of a lease of any building, flat or tenement approved exclusively for residential use under the Planning Act [Cap. 232] and a lease or hire of furniture and furnishings, the value of the monthly rent for the lease of the building, flat or tenement shall be taken as one-twelfth of the annual value ascribed to such building, flat or tenement in the Valuation List, currently in force, as prepared by the Chief Assessor under section 10 of the Property Tax Act [Cap. 254] or shall be such amount as may be determined by the Chief Assessor where no annual value has been ascribed to such building, flat or tenement in the Valuation List.