s 21C Zero-rating of grant or assignment of lease, tenancy or licence to occupy land
21C.—(1) The grant or assignment by any taxable person of a lease, tenancy or licence to occupy land where the lease, tenancy or licence —(a) is granted or assigned under a contract with a person who belongs in a country outside Singapore; and (b) directly benefits a person who belongs in a country other than Singapore, is zero-rated if — (c) the taxable person has made an application to and the Comptroller has approved the application for a warehouse or other premises to be an approved warehouse; (d) the whole of the land which is the subject of the lease, tenancy or licence is part of the approved warehouse; and (e) the land which is the subject of the lease, tenancy or licence is used by the taxable person in the taxable person’s business of storing prescribed goods other than the goods of the taxable person.[24/2011] (2) Where a supply by a taxable person is zero‑rated under subsection (1), then, whether or not tax would be chargeable on the supply apart from this section —(a) no tax is charged on the supply; but (b) it is in all other respects treated as a taxable supply, and accordingly the rate at which tax is treated as charged on the supply is nil. [24/2011] (3) In this section, “approved warehouse” has the meaning given by section 21(4)(a).[24/2011]