How to convert customs value to Singapore dollars?
If any component of the customs value is settled in a foreign currency, that value should be converted to Singapore Dollars using the current selling rate of that currency in Singapore, at the time when customs duty or excise duty is paid for the imported goods.
What is the exchange rate in Singapore?
In the beginning rate at 1.348 Singapore Dollars. High exchange rate 1.358, low 1.289. The average for the month 1.326. The USD to SGD forecast at the end of the month 1.309, change for March -2.9%. Dollar to Singapore Dollar forecast for April 2023. In the beginning rate at 1.309 Singapore Dollars. High exchange rate 1.310, low 1.272.
What is the rate of exchange used for customs purposes?
The rate of exchange used for this purpose is the rate in force on the day the declaration is accepted. Rates of exchange for most foreign currencies used for customs purposes are published by HM Revenue and Customs ( HMRC) monthly and apply from midnight on the last day of the month for use during the following month.
What is Singapore Customs?
Singapore Customs is the lead agency designated by the Ministry of Trade and Industry as the National Authority for the administration of the Act.
1 RETRIEVING WEEKLY RATES FROM MONETARY AUTHORITY