A Member Firm of Andersen Global
IMC Group Companies
Forum - Q&A
This replacement of AOT and AIT and launching a comprehensive GTP enabled businesses to trade a bigger product portfolio including both energy and non-energy products and goods. Previously, AOT was only meant for the energy trading, and AIT catered to non-energy as it offered agri-goods, metals and chemicals.
As of now, over 270 organizations carry the GTP status in Singapore and take advantage of the concessionary tax rate on eligible trade income. These businesses have gained due to Singapore’s great location and its proximity to consumer markets and raw material.
Another good news is that a new sunset clause (March 31, 2021) is introduced for this programme. All current sunset clauses regarding the GTP enhancements would be aligned now to the new sunset clause at the scheme level, that is, 31 March 2021. Now, organizations are permitted to be approved as a GTP company, or as a GTP (Structured Commodity Finance) organization, on or before deadline of March 31, 2021. The GTP companies could enjoy advantages as per various enhancements in their award tenure of up to five years.
IE has made these amendments in GTP for making Singapore’s commodity markets stronger, facilitating enhanced risk management in GTP businesses and creating spin-offs for the complete financial sector.
An approved GTP business is given a concessionary rate of 5 or 10 percent on its eligible offshore trading income. The eligible transactions include major trades done with offshore parties or some other GTP organizations on both buying and selling legs of the transaction.
A Comprehensive guide to the Inland Revenue Authority of Singapore (IRAS)
A qualifying company (i.e. a company that will qualify as a Global Trading company) is a company registered in Singapore and either:
We appreciate your interest in IMC and are eager to address your needs.
To ensure we address your needs accurately and promptly, please fill out this form. This will help us in identifying and connecting you with the appropriate team of experts in our organization.
We take pride in our responsiveness and aim to get back to you within a span of 1-2 business days. Your journey towards solutions starts here.
© 2023 IMC Group. All Rights Reserved.