New licence system for traders in April-Singapore

New licence system for traders in April-Singapore

DETAILS of a new and simplified licence system for traders were spelled out yesterday in a speech by Minister of State for Finance and Transport Lim Hwee Hua given at Suntec Singapore Convention Centre to mark International Customs Day.
She said that the new Apex Licence system would be set up in April.

‘The Apex Licence is a single licence for traders involved in different activities like storage, manufacturing and retail of various duty- suspended products, and at different locations.’

This would be a vast improvement over the current arrangement, in which traders require separate licences for different products depending on their type, whether they are dutiable or not, as well as the nature of activity they are engaged in and the location of operation, she said.

Traders, however, must first qualify for the licence by demonstrating ‘a good track record and a single inventory accounting system that is robust and secure’.

‘Qualifying operators of the Apex Licence can henceforth enjoy lower business costs in terms of a reduction in licence fee as well as greater flexibility in the storage and movement of goods between pre-approved warehouses.’
Source : Business Times  - 26 Jan 2008

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