10Value of goods that are originating materials or non‑originating materials

10 Value of goods that are originating materials or non‑originating materials

(1) For the purposes of subsection 153XD(3) of the Act, this section explains how to work out the value of originating materials or non‑originating materials used in the production of goods. (2) The value of the materials is as follows: (a) for materials imported into Singapore by the producer of the goods—the value of the materials worked out under a law of Singapore that implements the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994; (b) for materials acquired in the territory of Singapore: (i) the price paid or payable for the materials by the producer of the goods; or (ii) the value of those materials worked out under paragraph (a) on the assumption that those materials had been imported into Singapore by the producer of the goods; or (iii) the earliest ascertainable price paid or payable for the materials in the territory of Singapore; (c) for materials that are produced by the producer of the goods—the sum of: (i) all the costs incurred in the production of the materials, including general expenses; and (ii) an amount that is the equivalent of the amount of profit that the producer would make for the materials in the normal course of trade or of the amount of profit that is usually reflected in the sale of goods of the same class or kind as the materials. (3) If the materials are originating materials, in working out the value of the originating materials under subsection (2), the following may be included: (a) the costs of freight, insurance, packing and all other costs incurred to transport the materials to the producer of the goods; (b) duties, taxes and customs brokerage fees on the materials that: (i) have been paid in either or both of the territory of Singapore and the territory of Australia; and (ii) have not been waived or refunded; and (iii) are not refundable or otherwise recoverable; including any credit against duties or taxes that have been paid or that are payable; (c) the costs of waste and spoilage resulting from the use of the materials in the production of the goods, reduced by the value of reusable scrap or by‑products. (4) If the materials are non‑originating materials, in working out the value of the non‑originating materials under subsection (2), disregard the following: (a) the costs of freight, insurance, packing and all other costs incurred in transporting the materials, within the territory of Singapore or the territory of Australia, to the producer of the goods; (b) duties, taxes and customs brokerage fees on the materials that: (i) have been paid in either or both of the territory of Singapore and the territory of Australia; and (ii) have not been waived or refunded; and (iii) are not refundable or otherwise recoverable; including any credit against duties or taxes that have been paid or that are payable; (c) the costs of waste and spoilage resulting from the use of the materials in the production of goods, reduced by the value of reusable scrap or by‑products.