The licensed warehouse scheme allows the companies to store the imported food products and dutiable goods like motor vehicles, liquor, biodiesel and petroleum blends, for the indefinite period of time in particular area which are licensed by Singapore customs. Warehouse is the place where you can store your goods, for operating these warehouses you need to have the license and approval from the government. In which the licensed warehouse holds the suspended duty, services and goods tax where this will be applicable for only designated area. Once the goods and products removed from this licensed warehouse for the local user consumption then GST and duty taxes will comes to payable one.
Storing the dutiable goods safely in warehouse
If you are running a business in Singapore and if you want to store your business goods in safe and protected zone then it is best to make use of the licensed warehouse Singapore. It is a licensed place where they store the dutiable goods safely and after clearing all the needs of regulations and rules your goods is delivered to you. There are number of warehouses are operating in Singapore but storing the dutiable goods in the licensed warehouse is found to be safe and profitable one. This is because when your goods are stored in these licensed warehouses you don’t need to pay the GST (goods and services tax) and duty tax to the government, once the product is removed from this warehouse to customer delivery then GST and duty comes to payable.