Singapore legislation

Clause 5

of Goods and Services Tax (Amendment) Bill

Clause 5

Amendment of section 19

Section 19 of the principal Act is amended —

(a)

by inserting, immediately after subsection (3), the following subsection:“(3A) For the purpose of subsection (3)(a)(ii), tax payable by a taxable person on the importation of goods shall not include any tax that is accountable pursuant to regulations made under section 27A until such time as the tax has in fact been accounted for in accordance with those regulations.”;

(b)

by deleting the words “subsections (6) and (7)” in subsection (5) and substituting the words “subsections (5A), (6) and (7)”; and

(c)

by inserting, immediately after subsection (5), the following subsection:“(5A) In an accounting period —

(a)

where the tax accounted for by the taxable person pursuant to regulations made under section 27A is equal to or exceeds the amount of credit or excess referred to in subsection (5), the amount of the credit or excess shall be nil; and

(b)

where the tax accounted for is less than the amount of credit or excess, the amount of the credit or excess shall be the amount of the credit or excess less the amount of that tax.”.

Read in full context — Goods and Services Tax (Amendment) Bill →