The Customs (Singaporean Rules of Origin) Regulations 2017 (SRO Regulations) were registered on Fri 17.11.2017. They prescribe matters relating to the new rules that are required to be prescribed under new Division 1BA of the Customs Act 1901 concerning the Singapore-Australia Free Trade Agreement (SAFTA). The Customs Amendment (Singapore-Australia Free Trade Agreement Amendment Implementation) Act 2017 amended the Customs Act to insert new Division 1BA into Part VIII of the Customs Act to implement the updated provisions dealing with trade in goods and rules of origin.
In particular, the SRO Regulations primarily:
- prescribe the methods used to determine the regional value content (a calculation used in determining whether a good is a Singaporean originating good) of goods for the purposes of some of the product-specific requirements set out in the new Annex 2 to the SAFTA, as amended from time to time. New Annex 2 is incorporated into the Customs Act by reference in s 153XG in the new Division 1BA;
- prescribe the valuation rules for different kinds of goods in new Annex 2; and
- prescribe other matters that are required to be prescribed under new Division 1BA.
Separate Customs (International Obligations) Amendment (Singapore-Australia Free Trade Agreement Amendment Implementation) Regulations 2017, also registered on 17 November 2017, amend the Customs (International Obligations) Regulations 2015 to make complementary amendments to give effect to Australia’s updated obligations in relation to record keeping requirements, and to enable a refund of duties paid on Singaporean originating goods, or on goods that would have been Singaporean originating goods, in specified circumstances.
[LTN 221, 17/11/17; Tax Month – Nov 2017]