The commercial invoice shows an amount in the currency of exportation (USD) but the settlement is to be made in EUR using a fixed exchange rate. Which foreign currency amount should be converted to SGD?

Question

Accepted Answer

For the purpose of GST payment permit, the EUR currency should be converted to SGD.

First, the invoiced amount in USD should be converted to EUR using the fixed exchange rate. The amount derived after the conversion to EUR should be converted to SGD using the exchange rate at the time of importation.

The commercial invoice shows an amount in the currency of exportation (USD) but the settlement is to be made in EUR using a fixed exchange rate. Which foreign currency amount should be converted to SGD?

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