The value added tax system in Singapore is called Goods and Services Tax: GST. The standardGoods and Services Tax rate in Singapore is 7%. Goods and Services Tax aims at taxing the final consumer goods and services made in Singapore, and importation of goods into Singapore. However, where the goods are dutiable, specific tax rates shall be applied. GST rates for dutiable goods is calculated based on Cost, Insurance and Freight (CIF) or the value of the last selling price (LSP), if there has been more than one sale, plus all duties and other charges. In the case of non-dutiable goods, Singaporean government shall impose the exemption upon some goods and services, such as financial services fee