Approved Marine Fuel Trader (MFT) Scheme

According to this scheme, an approved business is not liable to pay GST when it buys approved marine fuel oil (example: MFO 380 cst) locally from a GST-registered supplier. Therefore, the MFT scheme primarily aims at rendering benefits to eligible businesses of the bunkering industry who buy approved marine fuel oil (MFO) locally.

Since a GST registered business need not pay GST under this scheme, claiming GST subsequently in order to get a refund from IRAS is completely eliminated. Hence, with the MFT scheme, the cash flow challenges will be lesser for an approved business.

How to Know if You’re Eligible for This Scheme

To be eligible for this scheme, you need to be:

  • Your business needs to be either registered or incorporated in Singapore. Also, your main business task should be to supply bunker fuel which is used in onboarding ocean-going ships.
  • Your business should be GST registered and your compliance records need to be good with respect to payment and tax compliance.
  • You should be holding a bunkering licence with the MPA (Maritime Port Authority) of Singapore which is valid.
  • You should be maintaining high standards of record-keeping and accounting. Also, your internal controls need to be good.

Note: The Comptroller might use his discretion to alter the eligibility criteria or request for additional requirements.

How to Apply for this Scheme

You need to submit:

  • GST F16: Application for MFT Scheme
  • The documents listed below need to be submitted to the GST Comptroller:
  • A brief description about your business type (mention your primary products, main suppliers, and MFO buyers).
  • Your bunker licence copy which is valid for a minimum of the next three months.
  • A copy of your most recent year-end financial statements which have been audited.

Take a Look at the Approved Marine Fuel Traders List

Businesses which are approved under the MFT scheme as on 11 December 2017 are mentioned in the following table:

Sl no Approved Business Name UEN (Unique Entity Number)/GST-registration number Status Approval date
1 Alliance Oil Trading Pte Ltd 200009382M Valid till 21 January 2014 3 February 2005
2 Bomin Bunker Oil Pte Ltd 198100533E Active 9 October 2007
3 BP Singapore Pte. Limited 196600436K Active 1 February 2011
4 Brightoil Petroleum (S'pore) Pte. Ltd. 200811016Z Active 25 May 2010
5 Bunker House Petroleum Pte Ltd 199606769Z Active 10 January 2005
6 Cathay Marine Fuel Oil Trading Pte Ltd 198601202G Active 24 February 2006
7 Chemoil International Pte. Ltd. 200006955E Active 8 December 2011
8 Consort Bunkers Pte Ltd 198802125N Active 7 January 2005
9 Costank (S) Pte Ltd 199802984C Active 3 February 2005
10 Equatorial Marine Fuel Management Services Pte Ltd 200000671E Active 8 December 2010
11 Fratelli Cosulich Bunkers (S) Pte Ltd 199801317C Active 27 May 2005
12 Gas Trade (S) Pte Ltd 199302712D Valid till 18 June 2012 17 June 2005
13 Global Energy Trading Pte Ltd 199708501D Active 24 January 2005
14 Golden Island Diesel Oil Trading Pte Ltd 198803987E Active 31 January 2005
15 Grandeur Trading & Services Pte Ltd 199305858D Active 10 July 2017
16 Grindrod Trading (Asia) Pte Ltd 199707536Z Valid till 31 March 2014 5 August 2005
17 Hin Leong Marine International (Pte) Ltd 197501519K Active 11 December 2017
18 Hir Huat Trading Pte. Ltd. 200203404R Valid till 15 January 2012 16 January 2009
19 Hong Lam Marine Pte Ltd 198103248W Active 19 June 2017
20 Inter-Pacific Petroleum Pte. Ltd. 201115209N Active 25 November 2013
21 Lian Hoe Leong & Brothers Pte. Ltd. 198202357C Valid till 21 January 2014 21 February 2005
22 Lukoil Asia Pacific Pte Ltd 199803255H Valid till 4 September 2015 1 February 2005
23 Marubeni International Petroleum (S) Pte. Ltd. 198804744H Active 13 March 2014
24 Matrix Marine Fuels Pte Ltd 200712259E Active 10 April 2017
25 Northwest Resources Pte. Ltd. 200206250R Valid till 14 September 2014 14 January 2005
26 O.W. Bunker Far East (Singapore) Pte Ltd 199201808K Valid till December 2014 7 April 2005
27 Ocean Bunkering Services (Pte) Ltd 197800010N Active 18 March 2005
28 Ocean Energy Bunkering Pte. Ltd. 200817172E Valid till 24 September 2012 1 May 2012
29 Pacific Bunkering Services Pte. Ltd. 201228099K Active 6 June 2013
30 Panoil Petroleum Pte Ltd 199805735H Valid till 31 August 2017 15 March 2005
31 Prestige Marine Services Pte. Ltd. 198602772E Valid till 14 June 2012 6 June 2005
32 Prosperbiz Petroleum (S) Pte Ltd 200102395G Valid till 28 February 2011 19 September 2005
33 Raffles Bunkering Pte Ltd 200301809Z Valid till 20 July 2015 27 December 2013
34 Searights Maritime Services Pte Ltd 198602276R Valid till 30 June 2016 7 January 2005
35 Sentek Marine & Trading Pte Ltd 199303409Z Active 17 February 2005
36 Seven Seas Oil Trading Pte Ltd 199207096E Active 30 July 2009
37 Sinanju Marine Services Pte Ltd 199200407E Active 23 October 2017
38 Singamas Petroleum Trading Pte. Ltd. 200210357G Active 23 March 2006
39 Sirius Marine Pte Ltd 199307133N Valid till 11 March 2015 12 March 2012
40 Standard Oil & Marine Services Pte Ltd 199802086M Valid till 31 March 2013 21 February 2005
41 The Barrel Oil Pte Ltd 199006262H Active 1 June 2012
42 Total Marine Fuels Pte Ltd 201231306K Active 20 June 2013
43 Toyota Tsusho Petroleum Pte. Ltd. 198900529G Active 21 November 2008
44 Transocean Oil Pte. Ltd. 200302438E Valid till 5 November 2017 4 August 2006
45 UNI Petroleum Pte Ltd 199507292C Valid till 3 November 2016 7 October 2008
46 Universal Energy Pte Ltd 200600562K Valid till 31 August 2017 28 July 2010
47 Vermont UM Bunkering Pte Ltd 200920025G Valid till 27 April 2016 1 July 2010
48 Wired Bunkering Pte Ltd 199708514H Active 13 July 2005
In addition to the MFT scheme, IRAS offers other schemes such as
reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.