Tax - News .com: Singapore to introduce an electronic tourism GST refunds

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Singapore to introduce electronic tourism in the refund of the GST by Mary Swire, tax - News .com, Hong Kong
Last updated 14 hours ago | 01 December 2010

Mid-2011, the Inland Revenue of Singapore Authority is to introduce a new tourism electronic payment system (eTRS) which will be remove fill by tourists at the time of purchase and facilitate requesting refunds of tax (GST) products and services at Changi Airport.

The tourist refund scheme is currently being operated by retailers themselves or by central agencies for reimbursement (ERC). Paper-based system is tedious and convenient for tourists and retailers at the time of purchase because of the need for reimbursement to complete application forms. At the airport, tourists have counters in queue at different counters, including Singapore Customs? and to reimburse the counters operated by respective agencies, making their claims.

However, it is said that the new electronic tourist refund Scheme (eTRS), full implementation would be a significant improvement on the current system on paper. Tourists will suffer the same system, even when they're purchasing different retailers Singapore and can expect a more rapid clearance at airport checkpoints process.

The details of the purchase to the point of sale will be captured in electronic and marked in a token (for example, a credit card) by the tourist. At the airport, everything a tourist must do is to use his passport and token to retrieve records its purchase kiosk validation details and choose either obtain its GST refund in cash or paid to the credit card account.

The new eTRS will be implemented in phases of mid 2011. The Government aims to 500 retailers participate in the phase pilot. The current system of tourist refund on paper will continue to operate until the eTRS is fully implemented in the third quarter of 2012.

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Tax - News .com: Singapore Panama sign DTA

New network todayThis source is published every day with new content or update selected from across our network. For a list of sites in the network, with many offering daily news, see below.14/09 Labuan, offshore investors feature providing tax essential news and information for artists in the mobile world, entrepreneurs, contractors, professional, small businesses, sportsmen and artists.Portal network Lowtax: 'Low-tax' business and investment in instances of the top 50 in exceptional detail covered.Tax News: tax global news continuously updated by the day.Law & Tax News: data Daily new and substantive tax and legal developments on International Affairs.Offshore-e-com: a topical guide to e-commerce in the offshore focused on regulation and tax.Lowtax library: one of the largest and most authorities business and investment sources of information from the web, the.Tax US network: the taxation of the U.S. online free information resource covering: tax on corporations, tax, international tax, expatriate, sales and e-commerce tax tax investment.New! Personal business income tax guide: creating tax essential news and information on businesses for entrepreneurs, contractors, professional, small businesses, artists, sports and artists.

Singapore, Panama sign DTA, by Mary Swire, tax - News .com, Hong Kong
Last updated 13 hours ago |Jeudi, October 21, 2010

Singapore?s Minister for Foreign Affairs, and George Yeo Panama?s, Vice-President and Minister for Foreign Affairs, Juan Carlos Varela, signed a bilateral agreement to avoid double taxation (DTA) between their respective countries.

The DTA is supposed to enhance bilateral trade links in minimizing the double taxation that may occur as a result of cross-border economic activities between the two countries.

Among other provisions, the DTA lowers tax deductions, defines the rules of the permanent establishment for companies and provides for the exchange of information for tax purposes, based on agreed at international level for standard Development?s and economic cooperation organization.

For example, dividends paid by a company which is a resident of a country may be taxed in the country at a speed of 4% if they are paid to a resident company (other than a partnership) in the other country holds directly at least 10% of the capital of the company paying the dividends; or a maximum of 5% in all other cases of dividends between a country and on the other.

Tax on interest arising in one country, the owner is a resident of the other must not exceed 5% of the gross amount of interest .sauf interests paid to the Government or a bank in another country should be exempt from tax.

In addition, royalties may also be taxed in the country in which they occur, but if the beneficial owner of the royalties is a resident of the other country, thus established tax must not exceed 5% of the gross amount of the royalties.

The DTA will enter into force after it is ratified by the two countries.

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