Singapore legislation
Regulation 5
Regulation 5
Transaction value of identical goods as value
Subregulation 1
Subject to paragraphs (2), (3) and (4), where the customs value of imported goods cannot, in the opinion of the proper officer of customs, be determined under regulation 3, the customs value of the goods shall be the transaction value of identical goods in respect of a sale of those goods for export to Singapore if that transaction value is the customs value of the identical goods and the identical goods were exported at the same or substantially the same time as the goods being valued and were sold under the following conditions:
to a buyer at the same or substantially the same commercial level as the buyer of the goods being valued; and
in the same or substantially the same quantities as the goods being valued.
Subregulation 2
Where the customs value of imported goods cannot be determined under paragraph (1) because identical goods were not sold under the conditions described in paragraph (1)(a) and (b), there shall be substituted therefor identical goods sold under any of the following conditions:
to a buyer at the same or substantially the same commercial level as the buyer of the goods being valued but in quantities different from the quantities in which those goods were sold;
to a buyer at a commercial level different from that of the buyer of the goods being valued but in the same or substantially the same quantities as the quantities in which those goods were sold; or
to a buyer at a commercial level different from that of the buyer of the goods being valued and in quantities different from the quantities in which those goods were sold.
Subregulation 3
For the purposes of determining the customs value of imported goods under paragraph (1), the transaction value of identical goods shall be adjusted by adding thereto or deducting therefrom, as the case may be, amounts to account for —
commercially significant differences between the costs, charges and expenses referred to in regulation 4(2)(f) in respect of the identical goods and those costs, charges and expenses in respect of the goods being valued that are attributable to differences in distances and modes of transport; and
where the transaction value is in respect of identical goods sold under the conditions described in any of sub-paragraphs (a), (b) and (c) of paragraph (2), differences in the commercial levels of the buyers of the identical goods and the goods being valued or the quantities in which the identical goods and the goods being valued were sold or both, as the case may be,if each such amount can, in the opinion of the proper officer of customs, be determined on the basis of sufficient information; and where any such amount cannot be so determined, the customs value of the goods being valued shall not be determined on the basis of the transaction value of those identical goods under this regulation.
Subregulation 4
Where, in relation to imported goods being valued, there are 2 or more transaction values of identical goods that meet all the requirements set out in paragraphs (1) and (3) or where there is no such transaction value but there are 2 or more transaction values of identical goods sold under the conditions described in any of sub-paragraphs (a), (b) and (c) of paragraph (2) that meet all the requirements set out in this paragraph that are applicable by virtue of paragraph (2), the customs value of the goods being valued shall be determined on the basis of the lowest such transaction value.