What are the costs that should be factored in the declared value of goods that were sent overseas for processing and re-imported back to Singapore for GST computation purposes?
The value to be declared for GST computation of goods that were sent overseas for processing and re-imported back to Singapore should include the following:
- The value of the materials;
- The processing cost (e.g. the workmanship cost to transform the materials into a new product); and
- The freight and insurance charges incurred in the re-importation of the goods back to Singapore.
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