Exchange Rates

If any component of the customs value is settled in a foreign currency, that value should be converted to Singapore Dollars using the prevailing exchange rate at the time of import.

The exchange rates are available on a weekly basis to all TradeNet users.

An example is shown below:

Question

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?

Answer

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 exchange rate should be used to convert US$10,000 to Singapore Dollars to determine the customs value.

Foreign currencies not listed in Exchange Rates

If any component of the customs value is settled in a foreign currency not listed on Singapore Customs website, that value in foreign currency should be converted to Singapore dollars using the selling rate of that currency from reputable sources such as banks in Singapore, local circulated newspapers, reputable news agencies or online resources.