Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
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coffeejerk
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by coffeejerk » Thu, 01 Mar 2012 5:18 pm
I am considering doing some importing from the US and was wondering if anyone out there has had some experience with this. Specifically, what are the implications of the Free Trade Agreement? Are imports from the US still subject to GST upon arrival through customs? What about special duty on intoxicating liquors?
Thanks in advance!
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nakatago
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by nakatago » Thu, 01 Mar 2012 5:23 pm
coffeejerk wrote:I am considering doing some importing from the US and was wondering if anyone out there has had some experience with this. Specifically, what are the implications of the Free Trade Agreement? Are imports from the US still subject to GST upon arrival through customs? What about special duty on intoxicating liquors?
Thanks in advance!
Goods valued at >= 400 SGD are subject to GST.
For more details,
http://www.customs.gov.sg/leftNav/trad/ ... oducts.htm
"A quokka is what would happen if there was an anime about kangaroos."
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coffeejerk
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by coffeejerk » Thu, 01 Mar 2012 5:59 pm
Thanks for the response. The customs website is very helpful, I'm just a bit confused about the purpose of the FTA between the US and Singapore that was approved in 2003. It states:
"1. Except as otherwise provided in this Agreement, each Party shall progressively eliminate its customs duties on originating goods of the other Party in accordance with Annexes 2B (U.S. Schedule) and 2C (Singapore Schedule)."
But I haven't seen any information about the practical application of this agreement. Does it in any way reduce the duty on goods from the US relative to other countries?
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nakatago
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by nakatago » Thu, 01 Mar 2012 7:10 pm
coffeejerk wrote:Thanks for the response. The customs website is very helpful, I'm just a bit confused about the purpose of the FTA between the US and Singapore that was approved in 2003. It states:
"1. Except as otherwise provided in this Agreement, each Party shall progressively eliminate its customs duties on originating goods of the other Party in accordance with Annexes 2B (U.S. Schedule) and 2C (Singapore Schedule)."
But I haven't seen any information about the practical application of this agreement. Does it in any way reduce the duty on goods from the US relative to other countries?
I am not a customs officer but if you're buying something abroad for obviously personal use, you normally won't have to think about customs duties. Most shipping companies would pay it for you if it applies or if via post, you'll get notified that you need to pay something (but usually, it's GST).
"A quokka is what would happen if there was an anime about kangaroos."
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beppi
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by beppi » Fri, 02 Mar 2012 5:58 pm
A free trade agreement applies to customs duties, due on import of goods.
GST and the alcohol tax apply to all goods (also locally produced and thus not imported ones) and are thus not affected by a free trade agreement.
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