7.—(1) The rate of customs duty and the valuation, if any, applicable to any goods subject to customs duty shall be —
(a)
in the case of goods lawfully brought into or manufactured in a free trade zone —
(i)
if there has been no manipulation or manufacture effecting a change in tariff classification, the rate and valuation in force on the day on which the goods are sent into customs territory;
(ii)
if the goods are used in the manufacture of any product which is not of a class dutiable on entry into customs territory, the rate and valuation in force on the day on which the goods are removed for manufacture; and
(iii)
if the goods are manufactured from materials which are not subject to customs duty, the rate and valuation in force on the day on which the entry of the manufactured goods into customs territory is authorised by the proper officer of customs; and
(b)
in the case of uncustomed goods, the rate and valuation in force on the day on which the goods became uncustomed goods, if known, or the rate and valuation in force on the day of seizure, whichever is the higher.
(2) The rate of exchange to be used for determining the equivalent in Singapore currency of any foreign currency shall be the current selling rate in Singapore as last notified before the time the goods are removed for the purpose of manufacture or entry into customs territory.
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(3) The valuation applicable to any goods subject to customs duty shall be ascertained in accordance with the Customs Act (Cap. 70).