The Singaporean Inland Revenue Authority Oct. 25 updated the GST e-Tax guide for biomedical industries. Updates explain: 1) the addition of a zero-rate criteria that services contractually supplied to an overseas person directly benefit a GST-registered person in Singapore, effective Jan. 1, 2020; and 2) how the reverse change mechanism will apply instead of input tax credits when residents procure services from overseas suppliers, effective Jan. 1, 2020. [Singapore, Inland Revenue Authority of Singapore, 10/25/19]
Source: bloombergtax.com
