For Singapore GST purposes, only GST-registered businesses are allowed to claim GST as an input tax credit. However, non-GST registered businesses in specific industries are given administrative concessions to claim GST as an input tax credit subject to the satisfaction of certain prescribed conditions.
Until 31 March 2019, qualifying funds managed by a prescribed fund manager in Singapore are allowed to claim GST incurred on prescribed expenses at an annual fixed recovery rate via remission.
Until 31 Mar 2020, Real Estate Investment Trusts and qualifying Registered Business Trusts listed on the Singapore Exchange (i.e. S-REITs and qualifying S-RBTs) are allowed to claim GST on expenses incurred for their business and their Special Purpose Vehicles (SPVs), regardless of whether the S-REIT or S-RBT is eligible for GST registration.
In order to claim the GST incurred, qualifying funds, S-REITs and S-RBTs are required to submit a quarterly Statement of Claims to IRAS within a month after the end of the respective quarters. However, as an administrative concession, funds and trusts can submit their Statement of Claims on a half-yearly or yearly basis as long as the claims are made within 5 years from the end of the respective quarters.
This means that for the period of claims from Q2 2012 (from 1 APril 2013 to 30 June 2013), the qualifying funds, S-REITs and S-RBTs can opt to submit the Statement of Claims latest by 30 Jun 2018.
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