Both Sides of the Same Coin: Merging Control and Facilitation with Risk Management

Rather than seeing them as direct opposites, Singapore Customs regards trade regulation and trade facilitation as two sides of the same coin: contrasting roles that are essential for each other. To achieve both objectives without compromising either one is a challenge, given Singapore’s large trade volume. For Singapore Customs, this is where risk management is key.

 
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Making Sense of Singapore's Export Control Regime

 

Getting the Most Out of Your TradeFIRST Assessment

 

New Tax Relief for Import of Clinical
Trial Materials

With countries competing globally to attract new business and investments from multinational corporations, the existence of export controls may seem a hindrance to legitimate trade and growth. But for Singapore, the first Southeast Asian country to implement an enhanced export control regime, such controls make good business sense.

 

With TradeFIRST – Singapore Customs’ one-stop trade facilitation framework – companies applying for schemes or facilitations need only undergo a single assessment to qualify for a whole suite of facilitations under one of five TradeFIRST bands. But what does it take to move up from one band to the next? We offer some useful pointers.

 

To promote the growth of Singapore's biomedical sector, Goods and Services Tax (GST) relief will now be granted on clinical trial materials imported into the country. First announced in the 2011 Budget Statement, this new measure took effect from 1 October 2011.

         
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