q Bonded Warehouse Scheme

The bonded Warehouse Scheme (BWS) had allowed imported goods which were substantially destined for exports to be housed in the bonded warehouses without payment of import GST until the goods were bought into Customs territory. This created a cash flow saving for importers who utilised the BWS. The scheme will be enhanced with effect from 1 January 2006 by lifting the 80% export requirement for qualifying operators. There will also be greater flexibility in storing and moving goods between pre-approved warehouses. However details on how this greater flexibility would be implemented are not available. As a reminder, new bonded warehouse applications can now be made via electronic filing on the Singapore Customs website at https://www.customs.gov.sg