The transaction value method is first considered in establishing the customs value, which is the Cost, Insurance and Freight (CIF) value under International Commercial terms (incoterms). Goods and Services Tax (GST) is levied at the prevailing rate on the cost, insurance and freight (CIF) value on all goods imported into Singapore.

 

To establish the customs value using this method, all other charges, costs and expenses incidental to the sale and delivery of the goods into Singapore, whether or not shown on the invoice, must be added to the transaction value or the price paid or payable for the imports.

 

Please refer here for more information on duties and here on GST.