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Tax Alert
Issue 15 | October 2012

 

Simplification of Deeming Rule on Gifts

 

Dear Valued Client

We are pleased to update that there is a simplification of the deeming rule on gifts with effect from 1 October 2012.

The series of gifts condition has been removed. Hence, there is no need to track the number of gifts given to a person. You only need to account for output tax if the cost of each gift exceeds $200 and when you have claimed GST on the purchase of the gifts.

You have the option not to claim the GST incurred on the purchase of gifts that cost more than $200 each if you do not wish to account for output tax. 

If you have any questions on GST or require further details on this rule, please feel free to contact us.

 

Contact:

 

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Lam Kok Shang

Head of Indirect Tax
Tel: +65 6213 2596

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Gan Hwee Leng

Partner, Indirect Tax

Tel: +65 6213 2813

 

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