If any component of the customs value is settled in a foreign currency, that value should be converted to Singapore Dollars using the prevailing Customs exchange rate at the time of import.
The Customs exchange rates are available on a weekly basis to all TradeNet users.
An example is shown below:
Company A sold 100 boxes of batteries to Company B at Cost, Insurance and Freight (CIF) US$10,000 but states that payment should be settled in Singapore Dollars at S$13,700. Which of the 2 currencies should be used to determine the customs value?
Since Company B paid for the batteries in Singapore Dollars, the amount of S$13,700 should be used to determine the customs value.
However, if Company B is to pay US$10,000 to Company A, then the Customs exchange rate should be used to convert US$10,000 to Singapore Dollars to determine the customs value.
Foreign currencies not listed in Customs Exchange Rates
If any component of the customs value is settled in a foreign currency not listed in the Customs exchange rates, you may use the selling rate of that currency quoted by a commercial bank.
In this case, you are required to declare the name of the bank, the bank’s telephone number and the date on which the rate was quoted in the remarks column of the Customs Duty/GST payment permit.