Singapore Updates GST e-Tax Guidelines for the Maritime Industry
On May 31, 2021, the Inland Revenue Authority of Singapore (IRAS) published an updated e-tax guide: The Maritime Income Tax Guide (Third Edition). The guide explains how the goods and services tax works for ships and certain ship and marine supplies. In the updated legislation, information can be found that the sale or lease of goods and certain services provided to ships may have a zero rate if certain conditions are met.
We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.