Flat Rates for Freight & Insurance

Traders may use the flat rates provided by Singapore Customs for freight and insurance to compute the customs value of imports:

The flat rates for freight and insurance are:

Place of Export

Flat Rate for Freight and Insurance

(% of FOB value)
Africa, Canada and USA 24.5%
Europe 19%
Japan, Australia and New Zealand 19%
China, Chinese Taipei, Korea, Sri Lanka, India and Pakistan 15.5%
Myanmar, Thailand, Cambodia, Laos, Vietnam, Hong Kong, Philippines and Indonesia 9.5%
Peninsular Malaysia 5%

Definition of Free On Board incoterms

The Free On Board (FOB) incoterms means the seller (exporter) is responsible for delivering the goods from his place of business, and loading them onto the vessel and clearing customs at the country of export.

As soon as the goods are on board the vessel, the ownership and risk of loss of the goods are transferred to the buyer (importer). The buyer must pay for all international freight, transportation and insurance charges from that point, and clear customs at the country of import.