What are the major exports of Singapore

Export to Singapore - everything you need to know

Many nations are taking Singapore as a role model in the current crisis. Thanks to very strict lockdown measures, the island state managed to keep the number of infected people and also the number of deaths very low. As the most important hub in the region, the restrictions are at the same time particularly detrimental to the economy.

economy

Singapore introduced a lockdown program called "A new normal", which is only to be overridden when a vaccine is available that reliably protects against COVID-19. Among other things, the program stipulates that foreigners without a residence permit are not allowed to enter the country. Transits across the country have been possible again since the beginning of June. As one of the most important corporate locations in the world and one of the most popular venues for trade fairs and conferences, this is a major blow for the local economy - but also for foreign companies that operate in Singapore. It is assumed that the pandemic will result in GDP losses of up to 6 percent.

In these times in particular, a reliable and affordable telephone conference provider is of particular importance. Here you will find instructions on how to set up a conference call between Germany and Singapore.

Taxes

Not least because of its low taxes, Singapore is very popular as a business location: corporation tax is set at a flat rate of 17 percent. The sales tax is also very low: the so-called Goods and Services Tax (GST) is just 7 percent. However, this is to be increased to 9 percent in the period between 2021 and 2025.

There is a double taxation agreement between Germany and Singapore.

The income tax system is progressive with 10 rates. The lowest tax rate is only 2 percent; the top tax rate is 22 percent and applies to income of $ 320,000 or more.

Source: guidemesingapore.com

Trade Agreement and Customs Regulations

A free trade agreement between the EU and Singapore came into force on November 21, 2019. This stipulates that the duty-free movement of goods will be maintained and that the remaining tariffs will be reduced by Singapore. In return, the EU undertakes to no longer pay customs duties on over 80 percent of imports from Singapore and to gradually reduce the rest. Furthermore, further barriers to trade have been removed and bilateral market access and investment opportunities have been made easier.

Both the EU and Singapore have guaranteed each other rights to regulate in certain areas on their own domestic market. For example, the strict agricultural guidelines in the European Union remain unaffected by the agreement.

Source: WKO