Transfer of a going concern
GST transfers of a going concern—overviewThe sale of a business is in substance the sale of a number of assets bundled together. Generally, GST would be charged on the transfer of each asset according to the rules applicable to that asset, i.e. standard-rate, zero-rate or exempt.However, where a bus...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2018
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| Online Access: | https://ink.library.smu.edu.sg/sol_research/2828 https://ink.library.smu.edu.sg/context/sol_research/article/4786/viewcontent/15._Transfer_of_a_Going_Concern.pdf |
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| Institution: | Singapore Management University |
| Language: | English |
| Summary: | GST transfers of a going concern—overviewThe sale of a business is in substance the sale of a number of assets bundled together. Generally, GST would be charged on the transfer of each asset according to the rules applicable to that asset, i.e. standard-rate, zero-rate or exempt.However, where a business is transferred as a going concern (a “TOGC”), the transaction may be treated as an excluded transaction under the Goods and Services Tax (Excluded Transactions) Order. If so, the trans-action would be treated as neither a supply of goods nor a supply of services and therefore outside the scope of GST. No GST is then chargeable on the sale of the business. |
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