Newsletter
NEW CUSTOMS TARIFF REGU-LATIONS TAKE EFFECT
The PRC's new Regulations on Import and Ex-port Duties were promulgated by the State Council on 23 November 2003 and took effect on 1 January 2004, superseding the old regula-tions that dated from 1992. Under the new regulations, liability to pay customs duties lies with the consignee of imported goods, the con-signor of exported goods, and the owner of goods conveyed into the PRC. A person liable to pay duty has the right to require that the customs authorities keep its commercial secrets confi-dential.
Under the new regulations, the rates of customs duty applicable to imported goods are: most-favored-nation rates, rates applicable under international agreements, preferential rates, general rates, quota-based rates, and temporary rates that may be applied during a limited period.
The rates applicable to exported goods are: ex-port rates, and temporary rates that may be ap-plied during a limited period. Additionally, if any country or territory applies prohibitions, re-strictions, additional duties, or other measures that affect normal trade with the PRC, in con-travention of a trade agreement or related agreement with the PRC, the PRC may apply retaliatory duties to imported goods originating from that country or territory.
The dutiable value of imported goods will be assessed by Customs on the basis of a transaction price based on equivalent conditions, plus transport costs, transport-related costs and in-surance premiums incurred before the goods are unloaded at their point of entry into the PRC.
The dutiable value of exported goods will be assessed on the basis of the transaction price, plus transport costs, transport-related costs and insurance premiums incurred before the goods are loaded at the point of departure from the PRC. Export duties are not payable on goods that for reasons of quality or specification are returned into the PRC in their original condition within one year from their export date, and import du-ties are not payable on goods that for reasons of quality or specification are removed from the PRC in their original condition within one year from their import date.