Singapore Report
Singapore
Custom: 1. In Singapore, the HS CODE of the soy milk drink is 22029020. 2. In general, all goods imported into Singapore are subject to Goods and Services Tax (GST) levied at 7% of the CIF value (Cost, Insurance and Freight). This is inclusive of all other charges, costs and expenses incidental to the sale and delivery of the goods into Singapore. Dutiable goods in Singapore consist of the following 4 broad categories: a. intoxicating liquors, b. tobacco products, c. motor vehicles and d. petroleum products. All other goods are non-dutiable. 3. For import procedures, For import of all goods (including controlled and non-controlled items) into Singapore, you are required to:Obtain an IN Permit through TradeNet® before goods are imported into Singapore, and. Pay the duty and/or Goods and Services Tax (GST) due at the prevailing rate at the time of importation.
Required Certification: SGS it provides inspection, verification, testing and certification. And some other certification might help company become more competitive.
PEST ANALYSIS
Political aspects: 1. Singapore enjoyed a reputation for political stability and honest, effective government. Singapore is able to focus most of its energy on shaping its economic development strategies to distinguish Singapore for the future. 2. Government is open to accept oversea goods and services. 3. Singapore tax treaties, The main benefit and objective of a income tax treaty is to help businesses avoid double taxation of their income. Numerous of tax treaties 50 bilateral comprehensive tax treaties minimize tax burden. 4. Attractive corporate tax rate is 17%. Less tax rate compare to 10 countries with largest GDP.
5. Efficient and transparent government and 5th least corrupt nation in the world.
Economic aspects: 1. Statistic: 2. High dependency on global market trends. So Singapore has a tight connection with global market.
3. The import rate is
Custom: 1. In Singapore, the HS CODE of the soy milk drink is 22029020. 2. In general, all goods imported into Singapore are subject to Goods and Services Tax (GST) levied at 7% of the CIF value (Cost, Insurance and Freight). This is inclusive of all other charges, costs and expenses incidental to the sale and delivery of the goods into Singapore. Dutiable goods in Singapore consist of the following 4 broad categories: a. intoxicating liquors, b. tobacco products, c. motor vehicles and d. petroleum products. All other goods are non-dutiable. 3. For import procedures, For import of all goods (including controlled and non-controlled items) into Singapore, you are required to:Obtain an IN Permit through TradeNet® before goods are imported into Singapore, and. Pay the duty and/or Goods and Services Tax (GST) due at the prevailing rate at the time of importation.
Required Certification: SGS it provides inspection, verification, testing and certification. And some other certification might help company become more competitive.
PEST ANALYSIS
Political aspects: 1. Singapore enjoyed a reputation for political stability and honest, effective government. Singapore is able to focus most of its energy on shaping its economic development strategies to distinguish Singapore for the future. 2. Government is open to accept oversea goods and services. 3. Singapore tax treaties, The main benefit and objective of a income tax treaty is to help businesses avoid double taxation of their income. Numerous of tax treaties 50 bilateral comprehensive tax treaties minimize tax burden. 4. Attractive corporate tax rate is 17%. Less tax rate compare to 10 countries with largest GDP.
5. Efficient and transparent government and 5th least corrupt nation in the world.
Economic aspects: 1. Statistic: 2. High dependency on global market trends. So Singapore has a tight connection with global market.
3. The import rate is