FTA Utilization Support: Who Qualifies and What You Get
Learn how exporters in Singapore can access preferential tariff rates through Free Trade Agreements to lower costs for international trade.
This scheme helps businesses take advantage of Free Trade Agreements (FTAs) to reduce the taxes paid when sending goods to other countries.
Who it's for
This is designed for businesses in Singapore that export goods to countries where Singapore has an active Free Trade Agreement.
What you get
By using this support, you can access preferential tariff rates. This means you may be able to pay lower customs duties or taxes on your exported goods, making your products more price-competitive in foreign markets.
What it costs you
While there is no direct fee mentioned, the process requires you to obtain and manage a Certificate of Origin. This is an official document that proves where your goods were actually made.
The catch to know
The rules regarding "Rules of Origin" can be quite complex. You must ensure that your product meets specific local content thresholds, meaning a certain amount of the product's value or components must originate from the qualifying region.
How to apply
- Identify if your destination country has an existing FTA with Singapore.
- Verify that your product meets the specific rules of origin for that agreement.
- Prepare the necessary documentation, including a Certificate of Origin.
- Consult with official trade resources to ensure your goods qualify for the lower rates.