Singapore Issues Guidance on Getting Preferential Tariff Treatment Under RCEP
Singapore Customs released two sets of guidance documents for traders looking to claim preferential tariff benefits for imports and exports under the Regional Comprehensive Economic Partnership Agreement that will take effect on Jan. 1. The RCEP trade agreement was signed…
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by Australia, China, Japan, South Korea, New Zealand and the 10 Association of Southeast Asian Nations member states -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. Preferential treatment for Singapore-originating goods begins on different dates, depending on the destination country involved. The guidance from Singapore Customs details procedures for claiming preferential tariff treatment from RCEP countries and documentation procedures. The latter step involves submitting Proof of Origin documentation.