Singapore's marine and shipping industry is a thriving and dynamic sector that plays a crucial role in the country's economy and regional maritime landscape.
Most of the supplies to qualifying ships are zero-rated for GST purposes but the important aspect is to ensure that you have the correct documentation to support the zero-rating treatment.
There are several GST schemes that would alleviate the cash flow costs of importing and supplying goods in the marine and shipping industry. What are some of the do’s and don’ts for such GST schemes?
Attend this one-of-a-kind targeted workshop for the shipping and marine industry and gain practical insights on best practices, avoiding common GST errors and ensuring GST compliance when filing your reports.
A Highlight of Key Areas:
- Overview of the marine and shipping industry
- Services provided to qualifying ships and the documentation requirement
- Export of goods and the documentation requirement
- Major Exporter Scheme (MES)
- Why incoterm is important when you purchase from local supplier
- Importing goods as a section 33(2), 33A and 33B agent
- GST risks on MES and the controls that can be implemented
- Common errors made in the shipping industry
- Voluntary disclosure programme