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Approved Import GST Suspension Scheme (AISS) Singapore – GST Relief for Aerospace Industry Players

Businesses operating in the aerospace industry often face significant cash flow pressure from paying import GST on aircraft parts, equipment and related goods imported into Singapore.

To support Singapore’s aerospace sector, the Inland Revenue Authority of Singapore (“IRAS”) introduced the Approved Import GST Suspension Scheme (“AISS”). Under the scheme, approved GST-registered aerospace businesses may enjoy import GST suspension benefits for qualifying aircraft parts and related import scenarios.

What is the Approved Import GST Suspension Scheme (AISS)?

The Approved Import GST Suspension Scheme (“AISS”) is a GST scheme administered by Inland Revenue Authority of Singapore to alleviate the cash flow burden of businesses operating in the aerospace industry.

The scheme is designed for:

international airlines;
maintenance, repair and overhaul (“MRO”) companies;
original equipment manufacturers (“OEM”); and
distributors of qualifying aircraft parts.

Under normal GST rules:

import GST is payable when goods are imported into Singapore.

Under AISS:

approved businesses may import qualifying goods with GST suspended under prescribed scenarios.

The scheme also allows qualifying aircraft parts to be removed from:

Airport Logistics Park of Singapore (“ALPS”); and
Free Trade Zones (“FTZ”)

with GST suspended under qualifying conditions.

Benefits of the AISS

Key benefits of the AISS include:

Improved Cash Flow

Businesses do not need to pay import GST upfront on qualifying imports.

GST Suspension for Aircraft Parts

Approved businesses may enjoy GST suspension on qualifying aircraft parts imported into Singapore or removed from FTZs and ALPS.

Additional Benefits Beyond MES

Compared to the Major Exporter Scheme (“MES”), AISS provides additional GST suspension privileges specifically for qualifying aircraft parts and aerospace-related transactions.

Need Assistance with the AISS? How Jed Tax Consulting can help.

If your business operates in the aerospace industry, the Approved Import GST Suspension Scheme may provide significant GST and cash flow benefits.

At Jed Tax Consulting, we assist businesses with:

AISS applications;
AISS renewal support;
GST reviews for aerospace transactions;
import/export GST advisory;
GST compliance reviews; and
ASK and ACAP support.

Contact Jed Tax Consulting today to discuss: