The
standard GST rate in Singapore is 7%. GST 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.