Clause 17

by inserting, immediately after the words “tax on the supply” in paragraph 1(1)(c), the words “(the tax not being excluded by regulations made under section 19(14) from the credit)”;

by inserting, immediately after sub‑paragraph (1) of paragraph 1, the following sub‑paragraph:“(1A) Without affecting sub‑paragraph (1), where —

a supply mentioned in section 14(1)(a) or 30(1A) is made for a consideration in money; (b)the value of the supply is (apart from this paragraph) less than its open market value; and

the person, branch of the person or member of the group (as the case may be) in fact making the supply is connected with the recipient of the supply, the Comptroller may direct that the value of the supply is to be taken to be its open market value.”; (c)by inserting, immediately after the words “other than Singapore currency” in paragraph 11(1) and (1A), the words “or in digital payment tokens”; and

by inserting, immediately after paragraph 14, the following sub-heading and paragraph:“Reverse charge on supplies received from abroad15.—

This paragraph applies in relation to services mentioned in section 14(1)(a)(i) or (ii) where —

the services were previously supplied by a taxable person who belongs in Singapore to the overseas supplier who subsequently supplied those services to the recipient; and

the previous supply of those services to the overseas supplier is a taxable supply that is not treated as a supply of international services under section 21(3).(2) Despite section 17(3A), the recipient may elect for the value of the reverse charge supply (A) by the overseas supplier to the recipient to be reduced (as may be applicable) —

by the value of the services previously supplied that is subject to tax (B); or

if B exceeds A, to nil.(3) To avoid doubt, section 17(3AA) and (3B) applies in determining A.”.