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SINGAPORE - Trade Statistics
Singapore was founded as a British trading colony in 1819. It joined the Malaysian Federation in 1963 but separated two years later and became independent. It subsequently became one of the world's most prosperous countries with strong international trading links (its port is the world's busiest in terms of tonnage handled) and with per capita GDP equal to that of the leading nations of Western Europe.
Official Country and Macro Economics Information
Taxation and Customs Clearance Information
Duties
All dutiable goods imported into or manufactured in Singapore are subject to Customs duty and/or Excise duty in accordance with the Schedule to the Singapore Customs Duties Order. The broad categories of dutiable goods in Singapore are intoxicating liquors, tobacco products, motor vehicles and petroleum products.
Where the goods are dutiable, ad valorem or specific rates may be applied. An ad valorem rate is a percentage of the Customs value of the imported goods such as 20% ad valorem. A specific rate is a specified amount per unit of weight or other quantity such as $293.00 per kg.
Goods and Services Tax
GST was first introduced in Singapore on 1 April 1994. The GST rate was increased from 3% to 4% in 2003 and from 4% to 5% in 2004.
GST will be levied on:
a. goods and services supplied in Singapore by any taxable person in the course or furtherance of a business; and
b. goods imported into Singapore by any person.
In general, a supply is either taxable or exempt. A taxable supply is one that is standard-rated or zero-rated. Only a standard-rated supply is liable to GST at 5%.
Zero-rating a supply means applying GST at 0% for the transaction. A GST registered trader need not charge GST on his zero-rated supplies, but he is nevertheless allowed a refund of the tax he has paid on his inputs. In Singapore, only "exports" of goods and "international" services are zero-rated.
If a supply is exempt from GST, no tax is chargeable on it. A GST registered trader does not charge his customer any GST on his exempt supplies. At the same time, he is not entitled to claim input tax credits for any GST paid on goods and services supplied to him for the purpose of his business. The "sale and lease of residential properties" and "financial services" are exempt from GST in Singapore.
Goods and Services Tax - Imported Goods
1. For dutiable goods, the taxable value for GST is calculated based on the CIF (Costs, Insurance and Freight) value plus all duties and other charges. In the case of non-dutiable goods, GST should be based on the CIF value plus any commission and other incidental charges whether or not shown on the invoice. If the goods are dutiable, the GST will be collected simultaneously with the duties.
2. In the case of dutiable goods such as liquors, tobacco, motor vehicles and petroleum products, the GST together with the duties would be temporarily suspended when such goods on importation are removed to a licensed warehouse registered with Customs for storage. The GST and duties will be payable when the goods are later released from the warehouse for local consumption.
3. For imported non-dutiable goods which are removed to a bonded warehouse for storage or imported under the major exporter scheme, the GST will be temporarily suspended. The GST is payable to Customs when the goods are removed from the bonded warehouse for local consumption. In the case of goods imported under the major exporter scheme, the importer will have to collect GST on his local sales. The importer will have to account for this GST to the Inland Revenue Authority of Singapore (IRAS) during the accounting period concerned.
4. If the goods are deposited in the free trade zone (FTZ) pending re-export or transhipment, the GST payable is suspended. The GST is payable on goods used or consumed in the FTZ as well as on their removal into the Customs territory for home consumption. GST is also payable on any supply made in the FTZ if the goods supplied are used or consumed in the FTZ. However, GST is not payable on any supply made in the FTZ if the goods supplied are meant for re-export or transhipment.-
Import/Export/Transhipment Regulatory Requirements
Refer to Singapore Customs Website
Documentation
The various Customs declarations for the movement of goods in Singapore are:
• Inward declaration
• Transhipment declaration
• Removal declaration
• Payment declaration
• Outward declaration
• Duty Exemption/GST Relief Certificate
• Duty Exemption/GST Payment declaration
Clearance
The following documents should be produced to Customs when goods are cleared from the Free Trade Zone in the port areas and Changi Airport and when imported by road via the Woodlands and Tuas Checkpoints:
• Customs permits, IESGP permits or Joint Customs/IESGP permits as appropriate; and
• Invoices, packing lists, bills of lading/airway bills, and any other supporting documents. Trade and Logistics Activities
Related Associations
Other Related Government Agencies
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