Singapore legislation
Regulation 45B
Regulation 45B
Approved Marine Fuel Trader Scheme
Subregulation 1
Subject to this regulation, a supply of specified goods by any taxable person to another taxable person who is an approved person may be made without payment of the tax chargeable on the supply.
Subregulation 2
Any taxable person who wishes to be an approved person for the purpose of paragraph (1) may make an application to the Comptroller for such approval if he is eligible to do so under paragraph (4).
Subregulation 3
Every application under paragraph (2) shall —
be made on such form as the Comptroller may determine; and
give a full and true account of the particulars or information for which the provision is made in the form.
Subregulation 4
A taxable person is eligible to make an application under paragraph (2) if he satisfies the Comptroller that —
he makes substantial supplies of specified goods in the course or furtherance of his business and satisfies such requirements as the Comptroller may determine;
his accounting and internal control systems are able to meet such accounting standards as the Comptroller may require;
he has faithfully observed and complied with all duties and obligations relating to his liability to pay customs and excise duties, income tax, property tax and goods and services tax; and
he is able to comply with such other conditions as the Comptroller may impose for the protection of the revenue.
Subregulation 5
The Comptroller may, on an application made under paragraph (2), approve the application on such conditions or requirements as he may, in his discretion, impose.
Subregulation 6
The Comptroller may, in granting approval under paragraph (5), require the applicant to furnish security in such form and amount and to make arrangements for the payment of taxes as the Comptroller may determine.
Subregulation 7
Subject to paragraph (11), an approval granted under paragraph (5) shall have effect for a period of 3 years beginning on the date on which the approval is to take effect and the Comptroller may, in his discretion, vary or extend the period to which the approval relates.
Subregulation 8
An approved person shall immediately notify the Comptroller of any change in particulars furnished, the security given, or the arrangements for the payment of taxes.
Subregulation 9
Unless the Comptroller otherwise allows or directs, notwithstanding that no tax is payable, a taxable person making a supply of specified goods to an approved person shall declare the value of the supply of the specified goods in his return furnished under regulation 52 for the period during which the supply was made.
Subregulation 10
For the purposes of paragraph (9) and except as the Comptroller may otherwise allow, the taxable person making a supply of specified goods to an approved person shall issue and provide a tax invoice in accordance with these Regulations and with such annotation as the Comptroller may require.
Subregulation 11
The Comptroller may, at any time, by notice in writing vary or revoke any approval granted under this regulation if he is satisfied that the approved person —
has failed to comply with any condition or requirement imposed by the Comptroller under paragraph (5);
has at any time ceased to satisfy any of the requirements for eligibility under paragraph (4); or
has provided any false, misleading or inaccurate declaration or information in his application under paragraph (3).
Subregulation 12
Where any approved person —
no longer satisfies any of the requirements for eligibility under paragraph (4); or
fails to comply with any condition or requirement imposed by the Comptroller under paragraph (5),he shall —
pay to the Comptroller without demand the amount of tax on the value of the supply to which the failure to comply relates; and
include the amount of tax on the value of the supply which he is required to pay under sub-paragraph (i) as output tax in his return.
Subregulation 13
In this regulation —
Definition
“approved person” means a taxable person whose application to be an approved person has been granted by the Comptroller under paragraph (5);
Definition
“specified goods” means marine fuel oil for use by any ocean-going vessel in its engine.