On 4 October 2023, the Free Trade Zones (Amendment) Bill 2023 (“Bill“) was passed in Parliament. The Bill amends the Free Trade Zones Act 1966 and makes consequential amendments to the Customs Act 1960.
The Bill seeks to update and strengthen the free trade zone (“FTZ“) regime by enabling better oversight of goods flowing through FTZs while still ensuring the efficient movement of goods, and incorporates relevant feedback received during the public consultation exercise conducted by the Ministry of Finance (“MOF“) on the draft Free Trade Zones (Amendment) Bill (“draft Bill“).
The Bill was introduced in Parliament on 18 September 2023 and passed on 4 October 2023. During his second reading speech Senior Minister of State for Finance, Mr Chee Hong Tat, highlighted that the changes to be introduced by the Bill were carefully calibrated, in consultation with industry and relevant stakeholders, to improve Customs’ ability to detect illicit activities while keeping Singapore’s FTZ regime efficient and pro-business for companies.
For more information, click here to read the full Legal Update.
