Worldwide Luxury Bag Market is expected to exceed US$ 65700 Million by 2022 - Business Industry Reports

Worldwide Luxury Bag Market is expected to exceed US$ 65700 Million by 2022

Pune, India, Sept 2018 /BIR Press Release/- Business Industry Reports announces the publication of its research report – Global Luxury Bag Market Research Report 2018

Global Luxury Bag Market Overview:

According to the Business Industry Reports, the Luxury Bag Market size will be further expanded, we expect that by 2022, The market size of the Luxury Bag will reach 65700 Million $.

These luxury handbags are not faked, but are you going for penetrating Singapore with luxury handbags, jailed? The reason is simple you tried to evade taxation by paying and not declaring GST for these luxury bags which you purchased. If you've been out from the nation for over two days, under Singapore law, you exempted from paying GST for buy up. Remember, that the goods must be for individual use only. The customs officers are looking out for these GST evaders. Especially people who passed the personalized area carrying paper bags with famous brands these as Chanel, Hermes, Louis Vuitton, Longchamp etc.

Following are cases which were reported last year. 20th Dec 2014, over 10 boxes of branded luggage and shoes thought to be worth tens of thousands are confiscated by authorities following a female had supposedly brought them without paying Goods and Services Tax - Sept 2014, 3 online retailers of branded accessories and handbags are fined $31, 000, $10, 000, and $4, 500 for evading the Goods and Services Tax between 2010 to 2012. In the year 2014 alone, a total of 9 such criminals were prosecuted and were slapped with penalties that vary from $4, 500 to $133, 000 - At 2012, 2013, there were 179 and 398 instances where warnings or compositions amounts were issued.

Tips for evading GST - Following are some guidelines that you might wish to adapt to avoid paying GST. The tip behind avoiding GST payment in which you need to prove which the products you buy are just for personal use only. Avoid purchasing more than 4 to 6 of the comparable item because it's a clear sign that you're reselling. Obviously, you can tell you purchasing it as presents for your mates, but it's up to the customs official I believe you or not. Carry a big completely new Hermes paper bag across custom. Everybody knows there's nothing which cost less than $600 from Hermes.

Worse if you carried several of those paper bags from luxurious brands. Carrying all of these completely new paper bags will only attract undesirable attention from the customs officers. Open the package and fall the box away. You do not want to look at Singapore custom made with two handbags when you're back. Can I just tell the custom-made officer that it's a present so no receipt? Yes, you can, but you'll still be taxed based on the value of identical or comparable goods.

What're the implications if you break the law? Failure to make a declaration is a crime under the Customs Act and the GST Act. Offenders can be prosecuted in court and fined up to $10,000 or 20 times the amount of duty and GST, whichever is higher and\or jailed for up to three years. End of the day, it's really up to the individual if you wish to take the risk of avoiding paying that 7%.

Global Key Players of Luxury Bag Market: Dior, LVMH, Coach, Prada, Gucci, Michael Kors, Armani, Hermes, Chanel, Richemont, Kate Spade, Burberry, Dunhill, Tory Burch, and Goldlion.

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