Singapore legislation

Regulation 34

of Goods and Services Tax (General) Regulations

Regulation 34

Non-applicability to certain businesses

Amended byS 620/2022 wef 31/12/2021S 474/2021 wef 01/07/2021S 620/2022 wef 31/12/2021S 474/2021 wef 01/07/2021S 620/2022 wef 31/12/2021S 212/2023 wef 28/04/2023S 620/2022 wef 31/12/2021S 620/2022 wef 31/12/2021S 875/2019 wef 28/01/2020S 620/2022 wef 31/12/2021S 875/2019 wef 28/01/2020S 620/2022 wef 31/12/2021S 161/2015 wef 01/04/2015S 620/2022 wef 31/12/2021S 875/2019 wef 01/01/2020S 875/2019 wef 01/01/2020

Regulation 33 shall 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)

a bank required to be licensed under the Banking Act 1970;

(b)

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;

(ba)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;

(c)

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;

(d)

a finance company required to be licensed under the Finance Companies Act 1967;

(e)

a moneylender required to be licensed under the Moneylenders Act 2008 or a currency trader;

(ea)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:

(i)

cross-border money transfer service;

(ii)

money-changing service;

(f)

a pawnbroker as defined under the Pawnbrokers Act 2015;

(g)

a debt factor;

(h)

a credit card, charge card or other payment card company;

(i)

a unit trust, not being a real estate investment trust (or its special purpose vehicle) or a business trust (or its special purpose vehicle);

(j)

a trader of digital payment tokens.

Read in full context — Goods and Services Tax (General) Regulations →