Extension of Singapore GST Temporary Import Period from Three to Six Months Effective 1 April 2012
The Temporary Import (“TI”) Scheme allows goods, except for liquor and tobacco products, to be imported without payment of duty and/or Goods and Services Tax (GST) if they are to be re-exported within a certain timeframe from the date of importation. The goods must be imported for approved purposes, such as exhibitions, fairs, auctions, repairs, stage performances, testing, experiments and demonstration. Previously, GST would be payable on importation if the goods are not re-exported within three months from the date of importation.
With effective from 1 April 2012, the current period of 3 months has now been extended to 6 month to give flexibility to businesses.
Visit http://www.scan-shipping.com/resources/resources/1/Rules-Regulations.html for list of goods under the GST Temporary Import Period Scheme.
Friday, 23rd March 2012