New WCO Guide to Customs Valuation and Transfer Pricing
The WCO has just launched a major new guide on the topic of Customs valuation and transfer pricing. The new guide mentions the examination of transfer pricing studies, may be of use to Customs when examining related party transactions for Customs valuation purposes and studies the relation between Customs valuation and transfer pricing. Enterprises are encouraged to take into account Customs’ needs when preparing related documentations.
China adjusts import tariff on some consumer goods
On 29 May 2015, GAC released Notice No. 21, which announced to reduce the import tariff on some consumer goods including cosmetics, suits, buskins and diapers starting from 1 June 2015. The import tariff on cosmetics and diapers will be reduced to 2% -- this is expected to effectively stimulate the domestic consumption of pertinent import consumer goods.
China Customs announces new-added standards of country of origins for zero-duty goods under HK and Macau CEPA
On 1 June 2015, GAC announced to execute new-added standards of country of origins for zero-duty goods under HK and Macau CEPA starting from 1 July 2015. Importers and exporters should pay close attention to this in order to continue enjoying tax preferences of country of origins.
China Customs declares the first administrative Decision of goods classification
On 3 June 2015, GAC declared the administrative decision of goods classification, which judged a product with a name” Polaroid(Diffuser)” should be classified under the HS code 9001.2000.
China Customs specifies the supervision of tax refund for foreign tourists
On 8 May 2015, GAC released the Announcements on Customs Supervision Measures of Tax Refund Service for Foreign Tourists, clarifying that if foreign tourists need tax refunds when leaving the country, they should declare and apply for tax refund and tax refund items, Tax Refund Application Form, sales invoices and valid personal ID to customs.
China Customs clarifies matters related to exemption and reduction of late payment surcharge
On 5 June 2015, GAC released Announcements on the Matters Related to Exemption and Reduction of Late Payment Surcharge, clarifying the relevant conditions and applying procedures. Such applications will be approved by the local Customs District.
China Customs declared Determination of Goods Classification
On 25 June 2015, GAC declared Determination of Goods Classification, which involves 10 kinds of goods like magnetic core inserting machine etc.
Special Management Measure for Foreign Investment Access is implemented in Qianhai free trade zone (FTZ)
On 8 May, 2015, Qianhai Administration Bureau released the notice about implementing Special Management Measure for Foreign Investment Access from 8 May, 2015 and the guidance of practise procedure in the platform for the measure.
The release of import tax regulation for Guangdong and Tianjin PFTZs
The Ministry of Financial and GAC, together with State Administration of Taxation, released import tax regulations for Guangdong and Tianjin PFTZs in May. Guangdong and Tianjin FTZs will run pilot programs for “selective taxation policy” – i.e. for goods manufactured by companies in Special Customs Zones (SCZ) in Guangdong and Tianjin PFTZs, the importers can apply with customs to select to pay duty/VAT based on the status of imported material or the finished products when the goods are sold to normal areas outside of SCZ.
Shanghai Customs releases a series of notices to further supporting Shanghai PFTZ
In June, Shanghai Customs released a series of notices to further supporting Shanghai PFTZ. The content of the regulations includes publishing the second batch of bank guarantee account in Shanghai PFTZ, implementing a bonded supervision measures for offshore outsourcing service, launching bonded trade for spot goods market of bulk commodity, starting the “Registration in one district, Operation in four districts” regime. These measure are aim to deepen the reform in Shanghai PFTZ.