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How should the taxable person proceed if an exemption permit for Investment Precious Metals (IPMs) had been taken up and the quantity imported had been under-declared?
You may make a voluntary disclosure on the error committed. Under the Customs Voluntary Disclosure Programme (VDP), companies may voluntarily come forward in good faith to disclose errors and omissions committed by them under laws and regulations administered and enforced by Singapore Customs. More information on the VDP can be found here. Please note that our compliance officers will follow up with any procedures required to account for the quantity of IPMs that was not declared.
Related questions
I am importing some Investment Precious Metals (IPM) into Singapore. Do I have to obtain a Customs exemption permit for clearance to enjoy GST exemption for IPM?
Am I eligible to make a voluntary disclosure through the VDP if Singapore Customs is currently investigating me?
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What are the permit requirements for importing Investment Precious Metals (IPMs) into Singapore?
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I realise that the HS code was declared wrongly but I have already utilised the permit to clear the cargo. What should I do?
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