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Singapore Clarifies Zero-Rate Rules For Bunker Fuel

by Mary Swire, Tax-News.com, Hong Kong

18 December 2013


The Inland Revenue Authority of Singapore (IRAS) has released guidance on the conditions that must be met to obtain zero-rated bunker fuel for a vessel bound for a destination outside Singapore.

The guidance clarifies that a supply of bunker fuel may be eligible for zero-rated treatment if it is directly supplied to a foreign-going vessel.

Suppliers are required to maintain the following documents:

  • A purchase indicating the name of the vessel, date of departure and next destination from Singapore;
  • Written instructions from the customer to deliver the bunker fuel to the vessel, which may be included in the purchase order;
  • A sales invoice to the customer;
  • Bunker delivery note endorsed by the Master/Chief Engineer of the vessel; and,
  • Evidence of payment from the customer.

The guidance clarifies that the zero rate does not apply to bunker fuel supplied to a customer who intends to supply the fuel to another person or persons. For the zero rate to apply, the fuel must be delivered directly to the foreign-going vessel, the guidance underscores.

TAGS: VAT rates | VAT tax authority guidance | tax | marine | value added tax (VAT) | VAT cross-border transactions | Singapore | tax authority | services | VAT goods & services classification

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