Singapore Updates Duty Treatment for Petroleum Blending
Singapore Customs issued updated requirements and duty treatment for the blending of petroleum by refineries and licensed warehouses, according to an Aug. 13 notice. Singapore said “petroleum licensees” are exempt from paying duties on gasoline and diesel if they “undertake…
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blending activities” that involve the gasoline and diesel in licensed premises. Singapore said duties are paid “on the final blended product if it is dutiable and is removed from the licensed premises for local consumption.” The notice also details which specific “blending activities” are exempt from duties and when licensees are required to keep a “blending schedule for Customs’ audit purposes.”