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.