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To provide facilitation, you may use the weekly average exchange rates, published by the Monetary Authority of Singapore in the preceding week, when making declarations to Customs for the current week.
Dec 19, 2022 · (1) These rates are the average of buying and selling interbank rates quoted around midday in Singapore. All rates are obtained, with permission, from Refinitiv and disseminated to the public for information and could differ from those quoted by foreign exchange dealers.
RETRIEVING WEEKLY RATES FROM MONETARY AUTHORITY OF SINGAPORE (MAS) 1. The weekly exchange rates applicable for the current week are based on MAS’s average rates published for the previous week. For example, weekly exchange rates for the period 4 May – 10 May 2020 are based on the weekly Average for
Singapore Customs. Use our digital services when transacting with us! We encourage businesses to submit trade declarations via TradeNet and access our eServices via the Networked Trade Platform (www.ntp.gov.sg). Travellers may use the Customs@SG Web application via our eServices (www.customs.gov.sg/services) to make advance declarations and tax ...
If any component of the customs value is settled in a foreign currency, that value should be converted to Singapore Dollars using the current selling rate of that currency in Singapore, at the time when customs duty or excise duty is paid for the imported goods.
Excise duty is duty levied on goods manufactured in, or imported into, Singapore. The duties are based on ad valorem or specific rates. An ad valorem rate is a percentage of the goods’ customs value (for example, 20% of the customs value).
Flat Rates for Freight & Insurance. Traders may use the flat rates provided by Singapore Customs for freight and insurance to compute the customs value of imports: For transaction values quoted in Free On Board (FOB) International Commercial Terms (incoterms)^ and,
Complete the Valuation and Customs Exchange Rate form to get assistance and submit documents.
An importer would like to pay GST for an item imported under temporary import permit. Which exchange rate should be used? CUSTOMS Updated 2mo ago
You may use the Exchange Rate Search Function (XLSX, 278 KB) to retrieve the average exchange rate (computed using data extracted from the MAS website) and to convert the foreign currency amount to Singapore dollars for YA 2020 onwards. Annual average exchange rates.
