How do I declare the exchange rate in a short payment permit application if the invoice is in foreign currency?
If the transacted amount on the invoice is in a foreign currency, please use the options below to derive the amount short-paid in Singapore dollars:
- The Customs exchange rate on the date the initial In-Payment permit was approved, or
- The selling rate quoted by a commercial bank on the date the initial In-Payment permit was approved for a foreign currency not listed in the Customs exchange rate
For more information on how to apply for a Short-Payment permit, please refer here.
Related questions
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An importer would like to pay GST for an item imported under temporary import permit. Which exchange rate should be used?
When can I apply for a short-payment permit?
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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