Making an incorrect or incomplete declaration on the value of goods imported into or manufactured in Singapore for the purpose of assessment of duty or GST (section 128(1)(c), Customs Act). Failure or refusal to produce trade documents on demand by Singapore Customs (section 128C, Customs Act). Importing into Singapore: Overview | Practical Law respectively. Significant developments affecting this resource will be described below. Under the Licensed Warehouse Scheme, approved companies can store imported dutiable goods (that is, liquor, tobacco, motor vehicles, petroleum, and biodiesel blends) for an indefinite period of time in a designated area licensed by Singapore Customs, and benefit from a suspension of duty and GST. http://www.iesingapore.gov.sg/Venture-Overseas/Overview Information and Communication Technology Singapore Read More Resources for Doing Business in Foreign Markets Research Foreign Markets Find Buyers & Partners Navigate Shipping & Logistics Telecommunication and radio communication equipment to be sold for local use in Singapore must bear the IMDA compliance label, which indicates that the equipment complies with the standards and specifications published by the IMDA. On a second or subsequent conviction, an importer can be liable to: A fine of up to SGD200,000 or four times the value of the goods (whichever is higher). External links to other Internet sites should not be construed as an endorsement of the views or privacy policies contained therein. EnterpriseSG publishes Singapore Standards (SSs) and Technical References (TRs) by announcement in the Government Gazette (http://www.egazette.com.sg/Welcome.asp).Technical regulations are developed by the relevant government bodies regulating a specific sector or area. External links to other Internet sites should not be construed as an endorsement of the views or privacy policies contained therein. Government Commercial Cloud - In late 2018, the Government announced a five-year plan to migrate most of its information technology (IT) systems from on-premise infrastructure to the commercial cloud to speed up the delivery and improve the quality of services for citizens and businesses and has spent more than USS$0.14 billion (S$0.2 billion) to build up the cloud infrastructure and capabilities. The ASCN aims to facilitate cooperation on smart cities development, catalyse bankable projects with the private sector, and secure funding and support from ASEANs external partners. An interested party has a right of review by the Anti-Dumping Tribunal against any affirmative or negative final countervailing/anti-dumping duty determination of the MTI. For more information on GST, see, All the FTAs that Singapore currently implements provide for preferential tariffs or the elimination of tariffs on goods (see. The trade war's impact on the global economy, including reduced shipping, has already bruised Singapore: in 2019, the country's GDP grew by only 0.7 percent, its slowest annual pace in a . Our team helps U.S.exporters identify potential business partners, obtain valuable market research, and launch their U.S.-made products and services inSingapore and Brunei. Under these SCs, various Technical Committees and Working Groups are established to undertake the development, promotion and review of standards. Singapore International trade, Information about International trade in U.S. Department of Commerce Applications for customs rulings can be submitted on the Singapore Customs website with the relevant supporting documents and fees. GST and duty (if applicable) are only payable when the goods are removed from the licensed premises for local use or consumption. Origin marking requirements apply to imports of certain goods, including: As part of its efforts to address environmental sustainability, Singapore has amended its laws relating to climate change and to the management of greenhouse gas emissions in Singapore. Facilitating interoperability between the digital systems of different countries. ASEAN-Hong Kong, China Free Trade Area (AHKFTA). This resource is periodically updated for necessary changes due to legal, market, or practice developments. In 2022, Singapore's total merchandise trade amounted to approximately 1.37 trillion Singapore dollars. Last published date: 2022-08-11 Singapore maintains one of the most liberal trading regimes in the world, but U.S. companies face several trade barriers. Japan-Singapore Economic Partnership Agreement (JSEPA). 5G - Singapore is on track with its vision to have a world-class, secure, and resilient 5G infrastructure that will be the backbone of its digital economy. But six months on, trade tensions and global inflation are dampening optimism. Singapore grants a duty-free concession to travellers and bona fide crew members for limited volumes of liquors if all the following conditions are met: The traveller/crew member is 18 years old or above. The Singapore-Australia DEA (SADEA) entered into force on 8 December 2020, while the Digital Economy Partnership Agreement (DEPA) between Singapore, China, and New Zealand, entered into force on 7 January 2021. As a key pillar of Singapores future economy, it helps to transform industries, support emerging areas, enable internationalization and promote good jobs and skills. However, the VDP is not an amnesty programme. Hong Kong and Japan are also important Singapore - Market Overview - International Trade Administration International trade (Singapore ) - Coursework Example - StudentShare Trade of Singapore - Encyclopedia Britannica In total, the Singapore government has invested about US$9 billion (S$12.6 billion) in ICT over the last 4 years. A lock ( A locked padlock ) or https:// means youve safely connected to the .gov website. Singapore Customs: List of FTAs which Singapore grants Preferential Tariff Treatment for Imports, Singapore Customs: Application for Customs Ruling on Valuation, Hong Kong Special Administrative Region of the People's Republic of China (2014), Singapore Customs: Secure Trade Partnership (STP) & STP-Plus, Singapore Customs: List of Dutiable Goods, Singapore Customs: Goods and Services Tax (GST), Singapore Customs: Preferential Tariffs Table, Singapore Customs: Depositing Goods in the Free Trade Zones, Singapore Customs: Temporary Import Scheme, Singapore Customs: Licensed Warehouse Scheme, Singapore Customs: Duty-Free Concession and GST Relief, Singapore Customs: Depositing Goods in Free Trade Zones, Singapore Customs: Zero-GST Warehouse Scheme, Fourth Schedule to the Misuse of Drugs Regulation, Singapore Customs: Controlled & Prohibited Goods for Import, Appendix 7 to the Guidance on Therapeutic Product Registration in Singapore, Environmental Protection and Management Act 1999, Environment Protection and Management (Amendment) Act 2021, Singapore Customs: Controlled & Prohibited Goods for Imports, Singapore Food Agency: Labelling & Packaging Information, Guide to Food Labelling and Advertisements, Health Products (Therapeutic Products) Regulations 2016, Guidance on Therapeutic Product Registration in Singapore, Health Products (Cosmetic Product-ASEAN Cosmetic Directive) Regulations 2007, HSA: Regulatory overview of cosmetic products, Tobacco (Control of Advertisement and Sale) (Appearance, Packaging and Labelling) Regulations 2019, Health Products (Medical Devices) Regulations 2010, HSA: Guidance on Labelling for Medical Devices, Enterprise Singapore: Consumer Protection (Safety Requirements) Regulations, IMDA: Telecommunication Equipment Labels and Advertisement, Singapore Customs: Voluntary Disclosure Programme, Countervailing and Anti-Dumping Duties Act 1996, World Trade Organization: Dispute Settlement. Name and address in Singapore of the company responsible for placing the product on the market. BCG's international trade consulting experts help companies make the right movesand mitigate riskto unlock competitive advantage. For more details please visitwww.ida.gov.sg. Singapore has diplomatic ties with over 150 countries. of the total. Singapore also restricts the import and sale of non-medicinal chewing gum. Duty and GST are suspended for goods stored in a Free Trade Zone (FTZ), and are only payable when the goods are either: Brought into the customs territory for local consumption. The goal is to have 70 percent of eligible government systems on the cloud by 2023. These guidelines include the definition, valuation, classification and recording of trade in services between residents and non-residents. 2023Thomson Reuters. Singapore Customs has signed and implemented MRAs with the following jurisdictions: A company can apply for STP or STP-Plus certification, For more information on the STP Programme and the procedure to enjoy benefits under MRAs, see. Singapore is party to the following bilateral FTAs: India-Singapore Comprehensive Economic Cooperation Agreement (CECA). Per obligation under the TBT Agreement, each WTO Member operates a national TBT (and an SPS) Enquiry Point. Consider other markets in the Association of Southeast Asian Nations. Under the Consumer Protection (Safety Requirements) Regulations (CPSR), 33 categories of household electrical, electronic, and gas appliances and accessories must be tested to specified safety standards, registered with the Consumer Product Safety Office, and affixed with the SAFETY mark before they can be sold in Singapore. The Government has turned to collaboration with industry partners who have become familiar with the governments common platforms. SAC also manages the Good Laboratory Practice (GLP) Compliance Programme, which recognizes facilities which provide non-clinical safety testing in accordance with the Organization for Economic Co-operation and Development (OECD) Principles of Good Laboratory Practice. Singapore Customs has a non-statutory voluntary disclosure scheme for cases of non-compliance with any customs, import, or export control rule. ASEAN Free Trade Zone (AFTA). The following FTAs are currently under negotiations: Eurasian Economic Union-Singapore FTA (EAEU). International trade and investment would grow ever freer, continue to drive global GDP growth, and be governed by . The ePing SPS&TBT platform (https://epingalert.org/), or ePing, provides access to notifications made by WTO Members under the Agreements on Sanitary and Phytosanitary Measures (SPS) and Technical Barriers to Trade (TBT), distributed by the WTO from January 16, 1995 to present. Companies can voluntarily apply for STP or STP-Plus certification, which enables them to enjoy benefits such as fewer customs checks and faster application processing when trading with MRA partners. On completion of the audit, the audit team informs the auditee of the audit outcome and, when applicable, discuss any errors detected and provide suggestions to improve the auditee's compliance level. They can cover specific transactions or imports and/or exports undertaken over a certain period. Singapore: merchandise trade value by trade flow 2022 | Statista For more information on WTO disputes, see. The NQSN has gathered 15 private and government collaborators such as Netlink Trust, ST Engineering, and Amazon Web Services; National Quantum Computing Hub (NQCH), launched on 31 May 2022, develops quantum computing skillsets and capabilities from the Centre for Quantum Technologies (CQT), local universities, and research institutions; and. A .gov website belongs to an official government organization in the United States. Changi Airport - regularly ranked as the world's best airport - serves more than 100 airlines flying to about 100 countries and territories globally. Singapore Customs: Quick Guide for Importers. The Singapore Standards Council oversees Singapores participation in the development or monitoring of ISO and IEC international standards that are important to Singapore. 17 percent of total exports. National Quantum Fabless Foundry (NQFF), launched on 31 May 2022, supports the components and materials needed to build quantum computers and devices. There is also a tiered system of additional registration fees, which serves as a de facto additional tax thus discouraging larger capacity motorcycle imports. An aggrieved person can file an application with the High Court for the review of an executive decision, with the leave of the court.
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