GST for importing watch
- Thread starter kk2008
- Start date
zag
Well-Known Member
Re: GST for importing watch
here you go a "fishing rod" for you...
Internet Purchases/Postal Parcels
if you purchase anything and get shipped into sg with declared $$ value, it is subjected to GST.
Fedex; UPS typically cleared custom by paying the GST for you and bill you later.
kk2008;611692 said:
here you go a "fishing rod" for you...
Internet Purchases/Postal Parcels
if you purchase anything and get shipped into sg with declared $$ value, it is subjected to GST.
Fedex; UPS typically cleared custom by paying the GST for you and bill you later.
Re: GST for importing watch
Most watch dealers hand carry the watches in, for GST and security reasons. The last thing you wanna see is an empty box shipped in and subsequently heavy disputes between buyer and seller..... I have posted a case of missing Patek in a case between a buyer and a reputable seller. A small stone was found in the box instead. Many vouched for the watch seller in the internet space because of his credentials.
Now, even assuming you give full trust to the seller, the shipping process, there is still a huge dilemma for the seller. Under-declare the value of the watch, and risk the insurance payout in case the shipment goes missing. The seller has no incentive under-declaring, unless he is doing it at the buyer request.
Now, the threshold for GST waiver is $400. If you are importing a watch worth $10,000, it makes little sense to risk the watch to save $700.
Solution (1) - hand carry it in yourself, if the seller is accessible, example Hong Kong. The air-ticket is not much more than the taxes.
Solution (2) - get a consignment dealer to help out at a cost. Example Kenneth C K Chen previously from Collectors' Haven. He is renowned for dealing on your behalf. He earns a margin, but you are saved from the nightmares.
Most watch dealers hand carry the watches in, for GST and security reasons. The last thing you wanna see is an empty box shipped in and subsequently heavy disputes between buyer and seller..... I have posted a case of missing Patek in a case between a buyer and a reputable seller. A small stone was found in the box instead. Many vouched for the watch seller in the internet space because of his credentials.
Now, even assuming you give full trust to the seller, the shipping process, there is still a huge dilemma for the seller. Under-declare the value of the watch, and risk the insurance payout in case the shipment goes missing. The seller has no incentive under-declaring, unless he is doing it at the buyer request.
Now, the threshold for GST waiver is $400. If you are importing a watch worth $10,000, it makes little sense to risk the watch to save $700.
Solution (1) - hand carry it in yourself, if the seller is accessible, example Hong Kong. The air-ticket is not much more than the taxes.
Solution (2) - get a consignment dealer to help out at a cost. Example Kenneth C K Chen previously from Collectors' Haven. He is renowned for dealing on your behalf. He earns a margin, but you are saved from the nightmares.
