Regulation 34
Non‑applicability to certain businesses
of Goods and Services Tax (General) Regulations 1993
Regulation 33 does not apply where the supply is made by the taxable person in the course of carrying on a business of, or a business similar to, any of the following:
a bank required to be licensed under the Banking Act 1970;
a merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act 1970;
a financial institution required to be approved under section 28 of the Monetary Authority of Singapore Act 1970 as in force immediately before 28 April 2023 or under section 4 of the Financial Services and Markets Act 2022;
a company or society required to be registered under the Insurance Act 1966 for the carrying on of a life insurance business, a general or life reinsurance business, or the business of a reinsurance broker;
a finance company required to be licensed under the Finance Companies Act 1967;
a moneylender required to be licensed under the Moneylenders Act 2008 or a currency trader;
a person required to be licensed under the Payment Services Act 2019 to carry on a business of providing either or both of the following payment services:
cross‑border money transfer service;
money‑changing service;
a pawnbroker as defined under the Pawnbrokers Act 2015;
a debt factor;
a credit card, charge card or other payment card company;
a unit trust, not being a real estate investment trust (or its special purpose vehicle) or a business trust (or its special purpose vehicle);
a trader of digital payment tokens.