TNETS launches free Singapore AED seminars

TNETS, a Singapore-based trade facilitation software and services provider, is launching a series of free seminars in March and April aimed at ensuring businesses are fully aware of the new Advance Export Declaration (AED) rules in Singapore and know what changes they need to make to their work processes to be fully compliant in exporting goods from Singapore.


TNETS launches free Singapore AED seminars


TNETS, a Singapore-based trade facilitation software and services provider, is launching a series of free seminars in March and April aimed at ensuring businesses are fully aware of the new Advance Export Declaration (AED) rules in Singapore and know what changes they need to make to their work processes to be fully compliant in exporting goods from Singapore.

AED requires goods to be declared prior to export, whereas prior to 1 April 2013 when AED was introduced, goods only needed to be declared within three days of export. The Singapore government had set an 18-month adjustment period to assist companies to prepare themselves for AED compliance through workflow and systems adjustment. Singapore Customs will impose penalties on companies that do not meet the AED deadline.

“October 1, 2014 is really a watershed for exporters and their forwarders as Singapore Customs has been very clear that there will be financial penalties and possibly delays, for those companies who do not comply with the new requirement,” said TNETS co-founder and director, Neil Johnson. “Despite the outreach efforts on the part of Customs we are still seeing some confusion in the market place in Singapore over what will happen after September 30, 2014, when the AED adjustment period ends.”