S'pore exports to EU taxed

S'pore exports to EU taxed

SINGAPORE (Dow Jones): All Singapore exports entering the
European Union with effect from Friday will be levied duties
based on the Most Favored Nation, or MFN, tariff rates, as
Singapore will be fully graduated from the European Commission's
Generalized System of Preferences Scheme, a government agency
said yesterday.

But, as a member of the Association of Southeast Asian
Nations, Singapore exporters can continue to enjoy GSP benefits
under the regional cumulation mechanism, which is applicable to
regional economic groupings as provided for in the EC
regulations, the Trade Development Board said.

Products manufactured in Singapore could be used as inputs in
finished products of another Asean country that is eligible for
the GSP scheme, the board said in a statement.