Establishment of Goods and Services Tax Voucher Fund
Open ↗3.—(1) A fund called the Goods and Services Tax Voucher Fund is established, which must be held, managed and administered as a Government fund.
(2) There must be paid into the Fund —(a)
all moneys from time to time appropriated from the Consolidated Fund and authorised to be paid into the Fund by any written law;
(b)
all other revenues of Singapore allocated by any written law to the Fund;
(c)
all gifts and donations given or made by any person or organisation to the Government for the purposes of the Fund; and
(d)
all investments out of moneys in the Fund authorised to be made by any written law and the proceeds of any such investment, including the net income from those investments.
(3) The Fund must be regarded as comprising public moneys for the purposes of any other written law.
(4) For the purposes of subsection (2)(d), the net income from investments is the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Fund any profit derived or loss sustained (as the case may be) from the realisation of the investments.
(5) The Financial Procedure Act 1966 applies to the Fund to the extent that it is not inconsistent with any of the provisions of this Act.
Purposes of Fund
Open ↗4.—(1) The moneys in the Fund may be withdrawn and applied for all or any of the following purposes:(a)
to provide financial assistance (including cash grants, grants‑in‑aid, rebates, reliefs, subsidies and credits) under a public scheme to such natural persons as may be prescribed, in order to mitigate the impact of the goods and services tax on their living expenses;
(b)
the payment of expenses mentioned in section 5;
(c)
for any other purposes that are authorised under this Act to be paid out of the Fund.[19/2020]
(2) The moneys in the Fund may be deposited in any bank account and invested in any investment authorised under the Financial Procedure Act 1966.
Expenses
Open ↗5. Unless otherwise provided, all expenses incidental to or arising from the administration, investment and management of moneys in the Fund are charged upon and payable out of the Fund, including but not limited to the following expenses:(a)
the cost of auditing the accounts of the Fund and the remuneration of the auditor;
(b)
the expenses incurred by any person (other than the remuneration and allowances payable to a public officer) whom the Minister has —(i)
authorised to perform and discharge any of the functions and purposes of the Fund; or
(ii)
appointed under section 8 to disburse financial assistance under a public scheme using moneys in the Fund and to do any matter connected therewith or incidental thereto.
Withdrawals
Open ↗6.—(1) Moneys must not be withdrawn from the Fund unless they are charged upon the Fund or are authorised to be withdrawn or transferred under this Act.
(2) A payment must not be made out of the Fund unless the payment is approved by the Minister or a person authorised, in writing, by the Minister.
Dissolution of Fund
Open ↗7. Upon dissolution of the Fund during any term of office of the Government (within the meaning of the Constitution), the balance of the moneys remaining in the Fund must be transferred to the Consolidated Fund and be added to the reserves of the Government not accumulated by it during that term of office.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
