• Included changes relating to the implementation of LVG.
• New Paragraph 3.2, amended Paragraph 3.4 and new example 1 scenario (b) to include background of LVG.
• New Paragraph 4.3 on the scope of LVG.
• New Paragraph 4.4 on common scenarios in which imported services and LVG will fall into the scope of reverse charge.
• New Paragraph 4.6.3 on new rules where reverse charge supplies need not be accounted if the supply had been wrongly charged GST by the OVR supplier.
• Revised Paragraph 5.4.1 point 3 on situations where the 12-month rules does not apply.
• New Paragraph 6.1.7 on the inclusion of related services in the value of the supply of LVG.
• New Paragraph 9 on Payments made to overseas related parties.
• New Paragraph 11.3.3 on the alternative documents to maintain for RC transactions
• Amended Note in 7.3.1 to elaborate on the proxy to compute the portion of cost allocation that relates to salary, wages and interest (“SWI”)
• New footnote 41 to highlight that the exclusion of SWI does not apply to transactions between related companies that are not members of the same GST Group.
• New point in Paragraph 10.1.1 to highlight that the prospective basis should also be considered if the entity was found to be liable to register for GST on a retrospective basis.
• Amended 10.1.3 to reflect the rules relating to compulsory registration after taking into account LVG.
• New example 32 to illustrate the reporting requirements when the RC Business subsequently pays its supplier and repays the refund claimed previously.
• New Paragraph 13.4 on transitional rules for LVG supplies straddling 1 Jan 2023.
• New Paragraph 14.7 on qualifying funds claiming input tax based on the annual fixed recovery rate.
• New examples in Annex B on services provided by individual who belong overseas, recovery of insurance premiums and remittance and subscription fees for SWIFT.
