The Singaporean Inland Revenue Authority Aug. 15 updated an e-tax guide on the GST concession for Singapore real estate investment trusts (S-REITs) and their special purpose vehicles, and Singapore registered business trusts (S-RBTs). The updates include: 1) that S-REITs or qualifying S-RBTs must include the value of low-value goods (LVG) to establish whether they are liable for GST registration under the reverse charge regime; and 2) that the value of imported LVG should be excluded from both the numerator and denominator of the residual input tax apportionment formula. The updates take effect Jan. 1, 2023. [Singapore, Inland Revenue Authority of …
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