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?

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Accepted Answer

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.

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?

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