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The Singapore Customs is a government agency under the Ministry of Finance of the Government of Singapore. Singapore Customs was reconstituted on 1 April 2003, after the Customs and Excise Department and the Trade Facilitation Division and Statistics Audit Unit of International Enterprise Singapore (IE Singapore) were merged. [ 1 ]
GST was implemented at a single rate of 3% on 1 April 1994, with an assurance that it would not be raised for at least five years. To cushion the impact of GST on Singaporean households, an offset package was also introduced. Simultaneously, corporate tax rate was cut by 3% to 27%, and the top marginal personal income tax rate was cut by 3% to 30%.
The Customs and Excise Department cooperated closely with other government agencies such as the Agri-Food & Veterinary Authority and the Central Narcotics Bureau. When the GST was introduced in 1994, the work scope of the CED was expanded. The red and green channel customs system was implemented in 1991 in Changi Airport and at sea checkpoints.
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In economics, zero-rated supply refers to items subject to a 0% VAT tax on their input supplies. The term is applied to items that would normally be taxed under valued-added systems such as Europe's Value Added Tax (VAT) or Canada's Goods and Services Tax (GST). Examples of these items include most exports, basic groceries, and prescription drugs.
Blogging is taxable in Singapore if it constitute gains or profits from a trade or a business under section 10(1)(a) of the Income Tax Act 1947 (ITA). [5] The other tax types in Singapore which are not collected by IRAS are: Levies on motor vehicles (Land Transport Authority) Customs and excise duties (Singapore Customs)
The old customs complex, built in the early 1970s, located at the junction between Woodlands Road and Woodlands Centre Road closed after the new checkpoint was opened on 18 July 1999, [5] although the motorcycle lane remained open in the mornings until 2001, and it was reopened on 1 March 2008 for goods vehicles only.
HM Customs and Excise, a department of the British government until 2005; HM Revenue and Customs a department formed by the merger of HM Customs and Excise with Inland Revenue in 2005; Hong Kong Customs and Excise Department; Directorate General of Customs and Excise (Indonesia) In Ghana, the Customs, Excise and Preventive Service