Singapore Customs announced that a new digital service for the Hand Carried Exports Scheme (HCES) has been made available on the Networked Trade Platform (NTP) from October 19, 2018.
The HCES allows businesses to zero-rate their supplies of goods hand-carried out of Singapore via Changi International Airport to their overseas customers, said the agency in a recent notice.
The HCES allows businesses to zero-rate, i.e. charge goods and services tax at 0% on their supplies of goods hand-carried out of Singapore via Changi International Airport to their overseas customers.
Goods under HCES need to be verified by Singapore Customs at Changi International Airport. The new HCES digital service allows businesses to receive an electronic copy of the clearance status of the goods through the NTP.
The electronic copy of the clearance status of the goods can then be used by traders and declaring agents for submission to the Inland Revenue Authority of Singapore (IRAS) to support their application for zero-rating of their exported goods.
Any business that utilizes the HCES and hand-carries goods out of Singapore via Changi International Airport to their overseas customers can access this service. An NTP account is required.
“Once your NTP account has been set up, you can search for the HCES service listing in the Value Added Services catalogue and subscribe to it. You can expect to receive approval of your subscription within 1-2 working days,” said Singapore Customs.
Singapore unveiled September 26, 2018 the Networked Trade Platform, its new one-stop trade platform designed to help digitalize and streamline end-to-end trade processes for traders, logistics service providers, carriers, and banks.
The NTP will serve as the trade and logistics info ecosystem to support digitalization and connect players across the trade value chain in Singapore and abroad, Singapore Customs said in an earlier statement announcing the launch of the platform.