Over-Declared Value of Imports

If you over-declared the value of imports and overpaid GST to Singapore Customs, you should declare in your GST return (F5):

  1. Total value of taxable purchases (Box 5): The correct value of imports (i.e. the value reflected in the invoice from your supplier).
  2. Input tax claimed (Box 7): The actual GST amount as reflected in your import permit.

Over-Declaration of Value on ME Permit

Businesses under the Major Exporter Scheme (MES) may take up ME permits to import goods into Singapore. GST on the imports will then be suspended.

If you have over-declared the value of imports in your ME permit, you do not need to cancel your ME permit. You should declare in your GST return (F5):

  1. Total value of taxable purchases (Box 5): The correct value of imports (i.e. the value reflected in the invoice from your supplier).
  2. Total value of goods imported under MES (Box 9): The correct value of imports (i.e. the value reflected in the invoice from your supplier).

Over-Declaration of Value or Quantity on Exemption Permit

Effective 1 Oct 2012, the import of investment precious metals (IPM) is exempt from GST.

If you have over-declared the value or quantity of IPM imports on your exemption permit, you should send an email to Singapore Customs at customs_vdp@customs.gov.sg to inform them of the mistake.

No adjustment to your GST return (F5) is required. However, you are required to maintain a copy of your correspondence with Singapore Customs as part of the record keeping requirements for GST purposes.

Under-Declared Value of Imports

If you have under-declared the value of imports and under-paid GST, you need to pay the additional GST to Singapore Customs by taking up a short payment permit. The short payment permit acts as documentary evidence for your input tax claim.

You should declare in your GST return (F5):

  1. Total value of taxable purchases (Box 5): The total value of imports as reflected in the import permit and short payment permit.
  2. Input tax claimed (Box 7): The total GST amount as reflected in the import permit and short payment permit.

Under-Declaration of Value or Quantity on Exemption Permit

If you have under-declared the value or quantity of IPM imports in your exemption permit, you need to take up another exemption permit to declare the short-fall in the value or quantity.

For example, if you imported 100 IPM coins but wrongly declared 80 coins on your first permit, you should take up another permit for the shortfall of 20 coins.

No adjustment to your GST return (F5) is required.

Wrong Importer's Name on Import Permit

If you have declared the wrong importer's name in the import permit, you may recover the GST that had been paid from Singapore Customs. Another import permit with the correct importer's name should be taken up.

For more information, please visit Singapore Customs' website or contact Singapore Customs at (+65) 6355 2000.

Wrong Importer's Name on Exemption Permit

If you have declared the wrong importer's name in the exemption permit, another exemption permit with the correct importer's name should be taken up.

For more information, please visit Singapore Customs' website or contact Singapore Customs at (+65) 6355 2000.

Erroneous Payment of GST for Import of Investment Precious Metals

Effective 1 Oct 2012, the import of investment precious metals (IPM) is exempt from GST.

If you have erroneously taken up a payment permit and paid GST for an import of IPM, you may seek a refund of the GST erroneously paid by writing in to IRAS (the Comptroller of GST) with supporting documents to prove that the imports are IPM.

Upon approval from the Comptroller, you can claim the refund in your next GST return (F5) by reporting the amount as input tax in Box 7, "Input tax and refunds claimed".

Erroneous Use of ME permit for Import of Investment Precious Metals (New!)

An exemption permit should be taken up for the import of IPM. If you have erroneously taken up a ME permit for an import of IPM, you must send an email to Singapore Customs at customs_vdp@customs.gov.sg to inform them of the mistake.

You are required to make the necessary adjustment in your GST return (F5) by:

  1. Reducing the value under Total Value of Taxable Purchases (Box 5).
  2. Reducing the Total Value of Goods Imported under this scheme (Box 9).

You are required to maintain a copy of your correspondence with Singapore Customs as part of the record keeping requirements for GST purposes.

RATE THIS PAGE

  • Strongly Disagree
  • Strongly Agree

Information is easy to understand.

Information is useful.

Information is easy to find.

 
Please email us if you would like us to respond to your enquiries.