On January 24, Xingsha Customs, a subsidiary of the Changsha Customs, went through the customs clearance procedures for a batch of imported goods of Sunward Intelligent Equipment Co., Ltd. under the Regional Comprehensive Economic Partnership (RCEP). This was the first batch of imported goods under the RCEP agreement in Hunan Province.
This batch of goods were imported from Japan, including hydraulic pumps and foot valves. The value of the goods was 309,700 yuan, and the import tax was reduced or exempted by 878.7 yuan according to the RCEP agreement tax rate. According to the Changsha Customs, the imported goods under RCEP can enjoy preferential tariffs by showing the certificate of origin issued by the member countries.
A person in charge of Sunward Intelligent customs affairs said that since the RCEP came into effect, the company’s tariffs on goods imported from Japan would gradually be reduced to zero, and Sunward may increase the import volume based on tariff reduction and market conditions.
How to deal with goods that have been exported to China but not declared to the customs before the implementation of RCEP? Changsha Customs Tariff Department suggests that enterprises can first apply to the customs for supplementary declaration procedures, and the goods can be released after the guarantee on duties is made. They can enjoy the agreed tariff reduction by submitting the RCEP certificate issued by the foreign country within 6 months.
According to the Changsha Customs, since the implementation of RCEP on January 1 this year, 107 RCEP certificates of origin have been issued for enterprises in Hunan Province as of January 24, with an approved value of 105 million yuan. The accumulative tariff relief was about 1.65 million yuan for Hunan enterprises in foreign trade. The Changsha Customs noted that on February 1 and March 18, South Korea and Malaysia will also implement RCEP successively, and the scope of benefits for enterprises will be further expanded.
This article is from Hunan Provincial Government www.enghunan.gov.cn.
Translator: Yu Jiangjiang
Chinese source: hunan.gov.cn
