All goods imported into Singapore are subject to the payment of Goods and Services Tax (GST) at the prevalling rate on the goods' Cost, Insurance and Freight (CIF). This is inclusive of all other charges, costs and expenses incidental to the sale and delivery of the goods into Singapore.

 

The importer or the appointed declaring agent has to ascertain the CIF value for the importation of the shipment into Singapore, regardless of the terms stated on the supporting documents (i.e. invoices, Bill of Lading/Air WayBill, etc.).

 

Traders can set the insurance to zero value if no insurance charges were incurred when importing the goods.

 

For importation where the actual insurance charges were incurred but are not available to the importer at the time of import, traders may use the flat rate of 1% for insurance to compute the Customs value for their imports.

 

You may click here or refer to Customs Circular No. 16/2003 for more information on the usage of flat rate for freight and insurance charges.