Will I be taxed for Vintage Purchase?

[marlin005]

Hi guys,

I was just wondering if I will be taxed from a overseas purchase? To be specific, buy on-line and have them send it over to me in Singapore. Afterall, it's an old vintage used watch, must I pay for taxes here? Any comments? I am sure some of you out there have done this method of purchased before. Thanks.....valued recommendations appreciated.

[jarren]

yes. 7% gst to be paid during collection at eunos sing post center.

[seiko.citizen]

Unless you can find a creative excuse (something along the lines of intention to reexport) you may be lucky.

[Ender]

Hi guys,

I was just wondering if I will be taxed from a overseas purchase? To be specific, buy on-line and have them send it over to me in Singapore. Afterall, it's an old vintage used watch, must I pay for taxes here? Any comments? I am sure some of you out there have done this method of purchased before. Thanks.....valued recommendations appreciated.

based solely on personal experience, anything above S$400 listed on your package, will be held at SingPost until you pay GST 7%. On rare occassions, you may get lucky and have the item delivered even though it's packaging list its contents at a value at S$400 above.

[taxico]

if it's couriered (eg, fedex) an additional admin charge will be tacked on top of the GST levied.

if you can prove that the watch has been taxed before (eg, receipt with serial number from THG for a rolex that has been sold to US and it's now coming back to singapore), you can apply to have this waived, but it's a troublesome process.

[marlin005]

Thanks for valued replies. How is a vintage valued? Price is based between Seller and Buyer? Is their really a based price of vintage? As stated to pay 7 per cent GST of the valued price.

If a vintage was purchase with a 1 year warranty and have to be returned for repairs/service, will I be taxed upon return of this service? Can a vintage watch be declared as a service returned item upon purchase? Thank You..

[Ender]

Thanks for valued replies. How is a vintage valued? Price is based between Seller and Buyer? Is their really a based price of vintage? As stated to pay 7 per cent GST of the valued price.

If a vintage was purchase with a 1 year warranty and have to be returned for repairs/service, will I be taxed upon return of this service? Can a vintage watch be declared as a service returned item upon purchase? Thank You..

As far as I know, customs try not to value your watch. When you have your watch shipped over, you will probably get insurance for it? This results in a value being declared on the packaging of your watch. Customs see it, and if it is more than S$400, they will hold it back, notify you to come pay 7% gst and collect the parcel at the same time.

Of course, you can try to beat the system and not have insurance and have some vague description of your watch. You can do so but then you run the risk of fraud/loss and your item may still be taxed (at this stage, they will probably ask you to produce an invoice).

as for the rest of your queries, see my answers in red
If a vintage was purchase with a 1 year warranty and have to be returned for repairs/service, will I be taxed upon return of this service? Probably, unless they accept your explanation. Be prepared for a tedious process... Can a vintage watch be declared as a service returned item upon purchase?I don't see why not but as to whether you will still get taxed, see above answers

hope the above helps!

ender

[marlin005]

Thank You....Ender for your inputs. So, what it really means if I get the Vintage watch for $10K, be prepared to pay $700 for GST on arrival. I was hoping for it to be shipped to my door step without the GST payment.

I have done other purchases from oversea without GST payment previously, they were purchased above $2K. ? I was not taxed for it, delivery was Fedex/UPS then. Perhaps I was lucky. Do Seller place an insurance for the full value of the purchased amount? Should insurance be done by the Buyer in this instance?

At the end of the day, is this worth the purchase for a nice Vintage from Overseas? I am sure some of the Vintage here came from Overseas, right? Thank You.

[taxico]

If a vintage was purchase with a 1 year warranty and have to be returned for repairs/service, will I be taxed upon return of this service? Can a vintage watch be declared as a service returned item upon purchase? Thank You..

if you need to return a watch for service outside of singapore, you may want to consider applying for a customs permit or carnet PRIOR to shipping the item back as it prevents additional charges from being (again) levied during its voyage to and fro.

as such, keep your tax invoice!

[marlin005]

Thanks for replies , Ender, Taxico,

So what it really boils down to is, if I do a purchase, a nice vintage for $10K be prepared to pay $700 upon arrival for GST. On previous overseas purchase, I had items amounting more than $2k send to me by Fedex/UPS at my doorsteps. However, they were not watches but rather large items. I did not have to pay GST, maybe I was lucky on previous occasions.

So is it worth to buy a expensive Vintage watch overseas? Secondly, the Seller should pay for insurance during delivery, rather then the Buyer, right?

[marlin005]

As far as I know, customs try not to value your watch. When you have your watch shipped over, you will probably get insurance for it? This results in a value being declared on the packaging of your watch. Customs see it, and if it is more than S$400, they will hold it back, notify you to come pay 7% gst and collect the parcel at the same time.

Of course, you can try to beat the system and not have insurance and have some vague description of your watch. You can do so but then you run the risk of fraud/loss and your item may still be taxed (at this stage, they will probably ask you to produce an invoice).

as for the rest of your queries, see my answers in red
If a vintage was purchase with a 1 year warranty and have to be returned for repairs/service, will I be taxed upon return of this service? Probably, unless they accept your explanation. Be prepared for a tedious process... Can a vintage watch be declared as a service returned item upon purchase?I don't see why not but as to whether you will still get taxed, see above answers

hope the above helps!

ender

Thank You....Ender, taxico for your inputs. So, what it really means if I get the Vintage watch for $10K, be prepared to pay $700 for GST on arrival. I was hoping for it to be shipped to my door step without the GST payment.

I have done other purchases from oversea without GST payment previously, they were purchased above $2K. ? I was not taxed for it, delivery was Fedex/UPS then. Perhaps I was lucky. Do Seller place an insurance for the full value of the purchased amount? Should insurance be done by the Buyer in this instance?

At the end of the day, is this worth the purchase for a nice Vintage from Overseas? I am sure some of the Vintage here came from Overseas, right? Thank You.

[taxico]

Thank You....Ender, taxico for your inputs. So, what it really means if I get the Vintage watch for $10K, be prepared to pay $700 for GST on arrival. I was hoping for it to be shipped to my door step without the GST payment.

I have done other purchases from oversea without GST payment previously, they were purchased above $2K. ? I was not taxed for it, delivery was Fedex/UPS then. Perhaps I was lucky. Do Seller place an insurance for the full value of the purchased amount? Should insurance be done by the Buyer in this instance?

At the end of the day, is this worth the purchase for a nice Vintage from Overseas? I am sure some of the Vintage here came from Overseas, right? Thank You.

if it's 10k and via fedex/dhl, be prepared to pay more than 7% due to the admin fee that will be tacked on.

you have been lucky to escape GST for purchases over $2k. if any payment is due, you will either be billed later (fedex) or be asked to pay on the spot (dhl). for post office mail, you'll have to leave your house to make payment...

insurance is to be decided between buyer/seller. if you can't get the seller to pay for it, why not share the cost?

i am perfectly comfortable buying a US$10k watch from overseas SO LONG AS IT IS INSURED and i have PROOF that the watch is available for sale and that i can TRUST the seller.

watches over US$10k i will pay him/someone to deliver to me or i will fly there to pick it up.