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GST Relief - Importation of Medicinal Products and Therapeutic Products for Clinical Trials

17-Nov-2016

 

Goods imported into Singapore are subject to 7% GST. However, GST relief is granted for medicinal products (including pharmaceutical products) imported into Singapore as long as they are for local clinical trials, re-export for overseas trials, or destruction/disposal. Under the GST relief, no import GST is payable upfront on the importation of such products. This relieves affected businesses of irrecoverable import 7% GST costs as well as to ease compliance.

 

From 1 Nov 2016, pharmaceutical products will be known as "therapeutic products" and be regulated under the Health Products Act ("HPA"). (For other types of medical products, they will continue to be regulated under the Medicines Act.) 

 

Notwithstanding this change, GST relief will continue to apply to: 

a. Medicinal products and therapeutic products imported into Singapore for use in local regulated clinical trials

b. Therapeutic products imported for re-export for overseas clinical trials; and

c. Medicinal products and therapeutic products imported for destruction/disposal in Singapore.

 

For more details on the GST relief, please refer to Singapore Customs' website (www.customs.gov.sg).

 

Source: IRAS, 1 Nov 2016

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