Singapore legislation
Regulation 93E
Regulation 93E
Election for different treatment
Subregulation 1
Notwithstanding regulations 93B, 93C and 93D, where an issuer of a voucher is also the taxable person who supplies the goods or services upon the redemption of the voucher, he may, with the approval of the Comptroller, elect not to be subject to those regulations.
Subregulation 2
For the purpose of paragraph (1), the Comptroller may give his approval —
generally in respect of any description of voucher; or
specifically (upon an application being made to him) in respect of any description of voucher for which the Comptroller has not given his approval generally.
Subregulation 3
The approval of the Comptroller, whether given generally or specifically, shall be subject to such conditions as he thinks fit to impose.
Subregulation 4
Where an issuer has, with the approval of the Comptroller, elected not to be subject to regulations 93B, 93C and 93D —
where the voucher is supplied for a consideration equal to or less than the value of the voucher, the consideration shall be disregarded for the purposes of the Act;
where the voucher is supplied for a consideration more than its value, tax shall be chargeable on the supply of the voucher on the amount by which the consideration exceeds the value of the voucher; and
tax shall be chargeable on the supply of the goods or services made upon the redemption of the voucher as follows:
the time of the supply shall be the time of supply of the voucher; and
the value of the supply shall be —
where the consideration for the voucher was equal to or less than the value of the voucher, the consideration for the voucher; and
where the consideration for the voucher is more than the value of the voucher, the value of the voucher.