Singapore is a major transhipment hub in Southeast Asia, and customs procedures for transhipment goods are an important consideration for companies looking to move goods through the country. Here is an overview of the customs procedure for transhipment goods in Singapore:
Document requirements
To clear customs for transhipment in Singapore, companies must provide a number of documents, including a bill of lading, commercial invoice, and packing list. Additional documents may be required depending on the nature of the goods and the country of origin.
Classification of goods
Goods must be classified according to the Harmonized System (HS) code, which is an internationally recognized system for classifying goods based on their nature and use. The HS code is used to determine the applicable duties and taxes for the goods.
Valuation of goods
The value of goods for customs purposes must be declared accurately, as it is used to determine the applicable duties and taxes. The value of the goods may be based on the purchase price, or on the cost of production if the goods are being manufactured in Singapore.
Duties and taxes
Transshipment goods may be subject to duties and taxes, depending on the nature of the goods and the country of origin. Companies must pay these duties and taxes at the time of customs clearance.
Bonded warehouses
Companies may choose to store transshipment goods in a bonded warehouse in Singapore, which allows the goods to be stored temporarily without the payment of duties and taxes. Bonded warehouses must be approved by Singapore Customs and are subject to certain rules and regulations.
Overall, the customs procedure for transhipment goods in Singapore is designed to ensure the smooth and efficient movement of goods through the country. By understanding and following the relevant rules and regulations, companies can ensure a seamless and hassle-free transhipment process in Singapore.