The Goods and Services Tax (Amendment) Bill 2014 (the “Bill”) has been read the second time and passed in Parliament on 8 October 2014. The Bill is not yet in force. When in force, it will amend the Goods and Services Tax Act mainly for the following purposes:
- Provide for non-legal entities to claim and account for goods and services tax (“GST”) on goods, land, buildings and intellectual property rights (“IPR”), e.g. where any goods, IPR or licence to use any IPR is held by a bare trustee of a non-legal entity such as a partnership, limited partnership, club, association or society.
- Allow GST-registered persons to fully claim the GST on re-import of goods belonging to their customers.
- Clarify that zero-rating of GST for goods provided for specified use or installation on ships or to persons approved under the Approved Marine Customer Scheme applies only to the sale or rental of the goods, and not to all supplies relating to the goods.