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Approved Marine Customer Scheme (AMCS) Singapore – GST Relief for Marine and Offshore Businesses
Businesses operating in the marine and offshore industry often engage in frequent purchases of goods and services for qualifying vessels and marine operations. Managing GST on these transactions can create significant administrative and cash flow burdens.
To support Singapore’s marine and offshore sector, the Inland Revenue Authority of Singapore (“IRAS”) introduced the Approved Marine Customer Scheme (“AMCS”). Under the scheme, approved marine customers may purchase qualifying goods and services at zero-rate GST from GST-registered suppliers.
What is the Approved Marine Customer Scheme (AMCS)?
The Approved Marine Customer Scheme (“AMCS”) is a GST scheme administered by Inland Revenue Authority of Singapore to support qualifying marine and offshore businesses.
Under normal GST rules:
- GST-registered suppliers generally charge GST on local supplies of goods and services.
Under the AMCS:
- approved marine customers may purchase qualifying goods and services at zero-rate GST from GST-registered suppliers for qualifying use.
Benefits of the Approved Marine Customer Scheme
Key benefits of the AMCS include:
Improved Cash Flow
Approved businesses may procure qualifying goods and services without paying GST upfront.
Reduced GST Administrative Burden
The scheme reduces the need for businesses to recover GST through GST returns for qualifying purchases.
Support for Marine and Offshore Operations
AMCS facilitates smoother GST treatment for businesses involved in:
- shipping;
- offshore engineering;
- marine construction; and
- vessel operations.
Efficient Procurement Processes
Suppliers may zero-rate qualifying supplies directly to approved AMCS customers.
Who Can Apply for the AMCS?
Businesses may apply for the AMCS if they:
- are GST-registered in Singapore;
- operate qualifying marine or offshore businesses; and
- satisfy IRAS’ qualifying conditions and compliance requirements.
Need Assistance with the AMCS? How Jed Tax Consulting Can Help.
If your business operates in the marine or offshore industry, the Approved Marine Customer Scheme may provide significant GST and cash flow benefits.
At Jed Tax Consulting, we assist businesses with:
- AMCS applications;
- AMCS renewal support;
- GST reviews for marine and offshore transactions;
- GST compliance reviews; and
- ASK and ACAP support.
Contact Jed Tax Consulting today to discuss:
- AMCS eligibility;
- GST treatment of marine transactions;
- zero-rating requirements; or
- GST risk reviews for marine and offshore operations.