The invoice value of my goods imported overseas is S$20,000. The trade-in value of S$3,000 was credited. Can I deduct S$3000 from the total CIF value of the import?
Singapore Customs does not accept trade-in values credited to imports as they are included in the price paid or payable.
If the invoice value of S$20,000 did not include the trade-in value of S$3,000 credited, the total CIF value of the import should be S$23,000.
Related questions
What customs value should I declare for my import permit application? The invoice shows Free on Board (FOB) incoterm.
An importer intends to hand-carry goods via Changi Airport but his invoice only shows the value of the goods without insurance and freight charges. How would the GST be computed?
Supplier has sent some free-of-charge (FOC) items to Major Exporter Scheme (MES) trader shipment of goods. The FOC items are non-dutiable goods with a total value of more than S$400. Should I apply for In-Payment GST permit (IG permit) or In-Non-Payment Approved Premises/Schemes permit (ME permit)?
Is customs permit required for goods valued at zero dollars?
Need more help?
Get in touch