Financial Services Tax Bulletin

June 2014
New update on the GST rules for the fund management industry

The release of MAS Circular FDD Cir 02/2014 on 31 March 2014 and the clarification on the "belonging" status of an incorporated fund for the purpose of applying the GST treatment to services to the fund have resulted in certain controversies when it came to the interpretation of the Goods and Services Tax treatment.  As a result, tax practitioners were invited to meet the Monetary Authority of Singapore, Ministry of Finance and the Inland Revenue Authority of Singapore on 28 May 2014, to provide feedback on the Circular.