Singapore legislation
Regulation 93F
Regulation 93F
Supply of vouchers by intermediary
Subregulation 1
This regulation shall apply to a person (referred to in this regulation as an intermediary) who —
buys a voucher issued by a supplier of goods and services from any person (including the supplier) and thereafter supplies the voucher —
against consideration given to him other than in the form of another voucher issued by him; or
upon the redemption of another voucher issued by him; or
supplies a voucher issued by him (referred to in this regulation as the first-mentioned voucher) upon the redemption of another voucher also issued by him (referred to in this regulation as the second-mentioned voucher), where —
the first-mentioned voucher entitles the holder thereof to the same rights and benefits from a supplier of goods and services as those which the holder would be entitled to if the first-mentioned voucher were issued by that supplier; and
the intermediary has an arrangement with the supplier to pay the supplier an agreed amount for the goods or services (including a voucher issued by the supplier referred to in sub-paragraph (i)) supplied upon the redemption of the first-mentioned voucher.
Subregulation 2
Where vouchers are supplied by an intermediary in any prescribed accounting period in the circumstances referred to in paragraph (1)(a) or (b), tax shall be chargeable on the supply of the vouchers as follows:
in respect of paragraph (1)(a), tax shall be chargeable at the rate specified in section 16 of the Act on the supplies made by the intermediary of the vouchers issued by the supplier as follows:
the time of the supply shall be the end of the accounting period in which the supplies are made; and
the value of the supplies shall be an amount equal to the excess of A – B,where Ais the consideration from the supplies of the vouchers made by the intermediary in that accounting period; andBis the cost to the intermediary of all such vouchers; and
in respect of paragraph (1)(b), tax shall be chargeable at the rate specified in section 16 of the Act on the supplies made by the intermediary of the first-mentioned vouchers as follows:
the time of the supply shall be the end of the accounting period in which the first-mentioned vouchers are redeemed; and
the value of the supplies shall be an amount equal to the excess of A – B,where Ais the consideration from the supplies of the first-mentioned vouchers made by the intermediary in that accounting period; andBis the agreed amounts payable by the intermediary to the supplier for the goods and services (including a voucher issued by the supplier referred to in sub-paragraph (i)) supplied by the supplier upon the redemption of such first-mentioned vouchers.
Subregulation 3
For the purposes of paragraph (2), where there is no excess under paragraph (2)(a)(ii) or (b)(ii) in respect of an accounting period or in respect of a supply of a voucher, the tax shall not be charged in respect of that accounting period or supply, as the case may be.
Subregulation 4
In the circumstances referred to in paragraph (2)(b), where the whole of a first-mentioned voucher supplied by the intermediary can no longer be redeemed, tax shall be chargeable on the supply made by the intermediary of the first-mentioned voucher as follows:
the time of the supply shall be when —
the first-mentioned voucher can no longer be redeemed; and
the intermediary accounts for the unredeemed value of the first-mentioned voucher in his statement of income; and
the value of the supply shall be the value of the first-mentioned voucher so accounted for in his statement of income.
Subregulation 5
An intermediary shall not be entitled to claim as input tax —
in the circumstances referred to in paragraph (1)(a), the tax chargeable on any previous supply of any voucher to him which he subsequently supplies to another person for any consideration; and
in the circumstances referred to in paragraph (1)(b), the tax chargeable on the supply of goods and services to which the payment referred to in sub-paragraph (ii) of that paragraph relates.