January 1, the Treaty on the Eurasian Economic Union (EEU) has become effective. The Treaty confirms the creation of an economic union that provides for free movement of goods, services, capital and labor and pursues coordinated, harmonized and single policy in the sectors determined by the document and international agreements within the Union.
On Wednesday January 21, 2015, the US Department of Commerce announced large preliminary anti-dumping duties on certain passenger vehicle and light-truck tires manufactured in China. Claiming that Chinese tire producers are dumping their product into the US market, the Commerce Department will begin collecting anti-dumping duties of between 19.17% and 87.99% on the tires, depending on the producer/exporter. For some producer/exporters, the duties will be applied retroactively to cover the previous 90 days, the department said.
The Bureau of Internal Revenue (BIR) plans to automate the accreditation process for importers and customs brokers as part of its priority programs for 2015.
BIR identified 27 priority programs "intended to help the Bureau in attaining its revenue target" of P1.72 trillion in 2015.
The World Trade Organization on Thursday rejected Argentina's bid to overturn a ruling in favor of the United States, the European Union and Japan against the South American country's licensing rules used to restrict imports.
The WTO's appellate body recommended Argentina fix its trade rules after it upheld an earlier WTO panel report that Argentina's import licensing requirement and other import restrictions breach international trade rules.
Reacting to the decision, Argentina said it would have no immediate impact on trade.
Vietnam’s capital, Hanoi, has implemented a plan to reduce the time needed to obtain a Business Registration Certificate to within three days of receiving the application, instead of the previous 10 days. Although this change will only initially apply to Vietnamese enterprises, the definition of Vietnamese enterprises was changed recently to allow them to have foreign ownership. Hanoi is the first city in the country to implement this program.
Importers and customs brokers at the weekend criticised terminal operators and shipping companies for continued collection of some shipping charges in violation of the order of a Federal High Court.
Competition from foreign companies is the reason milk domestic producers are dumping milk and the government should help China's dairies be more competitive, experts say.
Farmers in the northern province of Hebei have been selling milk they cannot sell as pig feed and even dumping it. Some farmers have even thinned their herds of cows to cut losses.
This situation is linked to imports of low-cost dairy products, said Zhang Hongyu, director of the Ministry of Agriculture's bureau of rural economy.
His Excellency the Ambassador of the Sultanate of Oman in Brussels deposited his country’s instrument of accession to the International Convention on the Simplification and Harmonization of Customs Procedures (Revised Kyoto Convention - RKC) on 06 January 2015.
We are an Export Oriented Unit (EOU). We are a re-processor of waste and scrap of nylon/plastic. We purchase excise duty-paid waste from domestic as well as imported waste and scrap (PP & PE) on payment of all import, customs duties, etc. We want to sell the goods as per para 6.8 (h) & para 6.9 (b) of Foreign Trade Policy 2009-14. Since we have paid import duty on raw materials, can we clear the finished goods duty free or at a concessional rate of duty in the domestic tariff area (DTA)? If we export our finished goods, can we get rebate/refund of duties paid on import of goods?
The Nigeria Customs Service has threatened to sanction defaulting beneficiaries of the preferential levy/duty rates on rice imports. This will come after the names of defaulters are published after January 15, 2015.
Appropriate levy of 60 percent and 10 percent duty rate must therefore be paid on the quantities imported in excess of the approved quotas not later than 15th January 2015.
