The Inland Revenue Authority of Singapore (IRAS) has published an updated e-Tax guide on GST for the aerospace industry. The e-Tax Guide provides details of the GST treatment for aircraft and aircraft-related supplies. The GST treatment for aircraft and aircraft-related supplies recognizes that the aerospace industry is export-oriented and highly regulated and that aircraft parts are unique and have no alternative uses apart from being fitted onto aircraft. Consequently, the sale, rental, repair, and maintenance of qualifying aircrafts and aircraft parts can be zero-rated if certain conditions are fulfilled. The main sections of the guide include: Zero-rating the sale and...