Singapore Tax Agency Updates Guidance on GST Rules, Reporting Requirements for Specified Deposits

The Singaporean Inland Revenue Authority June 4 updated guidance on the GST rules and reporting requirements for partial payment deposits and refundable security deposits. The updated guidance includes: 1) that GST on partial payment deposits for supplies of goods or services is charged upon receipt, and that GST previously reported must be adjusted with supporting documentation if the deposit is refunded; 2) that GST is only charged on refundable security deposits if any portion of the deposit is used to offset outstanding payments, and that GST adjustments aren’t required unless the deposit is used; and 3) examples clarifying the GST ...