Singapore Import Tariffs

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We all know that Singapore is a free port and an open country. They have zero-duty to nearly 100% of its tariff lines. Over 99% of all imports into Singapore enter the country duty free. For social and/or environmental reasons, Singapore imposes high excise taxes on distilled spirits and wines, tobacco products, motor vehicles, and petroleum products.

They apply a Goods and Services Tax (GST) of 7%, which will increase to 8% from January 1, 2023, and then to 9% from January 1, 2024. For taxable goods, the value GST taxable is calculated on the basis of the CIF (Cost, Insurance and Freight) value, plus all duties and other charges. 

All dutiable goods imported into or manufactured in Singapore are subject to customs duty and/or excise duty. 

Customs duties are the duties applicable to goods imported into Singapore excluding excise duty. An excise duty is a tax levied on goods manufactured or imported into Singapore.

Duties are based on a specific rate. The rate is a percentage of the customs value of the goods (for example, 20% of the customs value). A specific rate is a specific amount per unit weight or other amount.

Singapore also bans the import and sale of non-medicated chewing gum. For social and/or environmental reasons,

Singapore is a signatory to the WTO Agreement on Government Procurement. The US-Singapore FTA provides greater access for US companies to acquisitions by the central government of Singapore. US companies generally view Singapore as a receptive, open and attractive market.

Singapore’s public procurement system is considered by many US companies to be fair and transparent. However, some US and local companies have raised concerns that government and government-linked companies (GLCs) may be given preferential treatment in the public procurement process. (reference : 2016.export.gov)

nd companies must make an inward declaration for all goods imported into Singapore. All imports require an import permit although this is largely a statistical requirement for most goods.

Now, these are the things you need to know when importing goods, There are several payment methods for merchants who are required to pay import tax, but they depend on how the goods are shipped to Singapore. For postal shipments, payment can be made in person through Immigration and Control Point Authority (SG) counters. Customs declarations and taxes for courier shipments are usually handled by the courier companies.

For all other shipping methods, businesses may need to pre-register for an importer account and set up an Interbank account with Singapore Customs. All import tax payments are debited from this account.

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