Singapore legislation

Schedule 4

of Goods And Services Tax Bill

Schedule 4

Exemptions

FOURTH SCHEDULESection 22Exemptions

1. The following financial services:

(a)

the operation of any current, deposit or savings account;

(b)

the exchange of currency (whether effected by the exchange of bank notes or coin, by crediting or debiting accounts, or otherwise) other than the supply of a note or a coin as a collector’s item, investment article or item of numismatic interest;

(c)

any supply by a person carrying on a credit card, charge card or similar payment card operation made in connection with that operation to a person who accepts the card used in the operation when presented to him in payment for goods or services;

(d)

the issue, payment, collection or transfer of ownership of any note or order for payment, cheque or letter of credit other than a stand-by letter of credit;

(e)

the issue, allotment, transfer of ownership, drawing, acceptance or endorsement of a debt security;

(f)

the issue, allotment or transfer of ownership of an equity security;

(g)

the provision of any loan, advance or credit;

(h)

the renewal or variation of a debt security, equity security or contract for the provision of any loan, advance or credit;

(i)

the provision, or transfer of ownership, of a life insurance contract or the provision of re-insurance in respect of any such contract;

(j)

the provision or assignment of any futures contract including a futures option transaction through a futures exchange;

(k)

the payment or collection of any amount of interest, principal, dividend, or other amount whatever in respect of any debt security, equity security, contract of life insurance, or futures contract or contract for the provision of any loan, advance or credit;

(l)

the issue or receipt of any security or secondary security of units or other documents conferring rights under any trust established for the purpose, or having the effect of providing, for persons having funds available for investment, facilities for the participation by them as beneficiaries under the trust, in any profits or income arising from the acquisition, holding, management or disposal of any property whatsoever.

2. The sale and lease of the following:

(a)

any vacant land zoned “Residential” or “Rural Centre and Settlement” in the Master Plan under the Planning Act [Cap. 232], or any vacant land approved exclusively for residential or condominium housing development in the case of the sale and lease of land by a public authority as determined by the Minister; or

(b)

any building, flat or tenement approved exclusively for residential use under the Planning Act.

3. For the purposes of this Schedule —“debt security” means any interest in or right to be paid money that is, or is to be, owing by any person or any option to acquire any such interest or right;“equity security” means any interest in or right to a share in the capital of a body corporate or any option to acquire any such interest or right.

Read in full context — Goods And Services Tax Bill →