The commercial invoice shows an amount in the currency of exportation (USD) and the settlement is to be made in SGD using a fixed exchange rate. Is that okay?

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Accepted Answer

For the purpose of GST payment permit, the value based on the fixed exchange rate is acceptable as the contract of sale provides for the payment of a fixed amount in SGD. However, the fixed exchange rate should be comparable to rates prevalent in Singapore at the time of the conversion.

The commercial invoice shows an amount in the currency of exportation (USD) and the settlement is to be made in SGD using a fixed exchange rate. Is that okay?

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