With this scheme, a GST-registered business which is part of the aerospace industry will get additional benefits in relation to GST suspension on imports done for eligible aircraft parts. This scheme aims at enhancing the flow of funds of a business which belongs to the aerospace industry.
Here, businesses comprise:
With AISS, an authorised business which is GST-registered and is from the aerospace industry will qualify for GST suspension on imports done during the following circumstances:
When specific conditions are met, as a Section 33A agent you’ll be in a position to make a claim for the GST amount you’ve paid at the time of importing on behalf of a foreigner. You can make this kind of a GST claim when you import any commodity that belongs to a foreigner and later export that commodity (without more supply of goods).*Section 33(2) agent
As a section 33(2) agent, you will be allowed to import/render commodities on behalf of a foreigner who has not registered himself/herself for GST within Singapore.
Eligible aircraft parts include parts/equipment which are built & designed for exclusive usage (unique use and doesn’t have alternative usage) in relation to an aircraft which include:
They comprise equipment/parts that are incorporated/installed in the navigation, propulsion, general structure, or the communication systems of such an aircraft.
You’ll need to submit the following documents:
In case you’re currently under MES (Major Exporter Scheme) & intend to qualify for extra benefits under the Approved Import GST Scheme, you’ll need to be a new AISS applicant.
In addition to submitting the documents mentioned earlier, you must perform either of the steps listed below:
Note: The certification of the ASK declaration form has to be done by an in-house/external tax advisor who has an accreditation from the Singapore Institute of Accredited Tax Professionals. He or she needs to be either an Accredited Tax Advisor or an Accredited Tax Practitioner for GST.
Note: In case you’re an effective ACAP applicant, an ASK declaration form is not necessary when the review results of ACAP and the report submission for ACAP are pending.