Duty Relief and Customs Facilities has been saved
Duty Relief and Customs Facilities
Many countries have established a variety of duty/tax relief and exemption programs designed to ensure that certain goods imported for further manufacturing or prescribed purposes (e.g. value-adding, blending, other approved activities) may enjoy duty/tax suspension benefits while the goods are within the country.
These programmes are typically designed to provide savings in terms of cash flow improvement and trade facilitation to companies benefiting from such schemes. Licensed premises schemes (Bonded or Licensed Warehouses) are administered by Singapore Customs and are available for companies located outside the Free Trade Zones to benefit from import duty/tax suspension whilst goods are located within such warehouses for carrying out approved activities.
At Deloitte, we regularly assist companies with the following range of services:
- Provide guidance on availability and benefits of being located within a Free Trade Zone (FTZ) or a Licensed Premise (LP).
- Ability to use other trade facilitation programs which can minimise or defer duty/tax payment upon importation of goods into Singapore without the need to be physically located within an FTZ or LP.
- Advise on requirements to qualify for the facilitation schemes such as controls that need to be put in place to track receipt, processing and subsequent export of goods out of Singapore.
- Assist with designing and subsequently establishing internal controls and processes required to meet the requirements above.
- Assistance with applications to Singapore Customs for the status.
- Carry out periodic reviews and health checks of the compliance status of by companies of their trade facilitation schemes.
For queries or assistance relating to applications for relief programmes and qualification for customs facilities, feel free to send us an email through the Get in Touch section below or via the online form on the link at the right.