Recently emerging trend of customs challenges and how to prepare for the challenges
|
|
- Jasmine Pierce
- 6 years ago
- Views:
Transcription
1 15th Annual Conference Maximise Shareholder Value through Effective TAX Planning 2014 Recently emerging trend of customs challenges and how to prepare for the challenges Worldtrade Management Services
2 Agenda I. Thai Customs Environment II. Recent Challenges from Customs A. Free Trade Agreements B. Customs Valuation C. Licensing D. Customs Privileges E. Classification III. Other updates/development IV. Conclusion Slide 2
3 Thai Customs Environment Slide 3
4 I. Thai Customs Environment Transition from revenue collector to facilitator Government revenue needs Falling duty rates Importance of trade Mindset shift Enhanced Post-Clearance Audit activities Penalties regimes Greater experience and therefore focus on key areas Closer coordination with Revenue Department and Excise Department Slide 4
5 I. Thai Customs Environment: Customs Controls Pre-Clearance On-Clearance Post-Clearance Physical Documents Duty Payment At Customs premises At Importer premises Warehouse Surveillance Cargo Manifest Red line Goods Inspection Green line No goods inspection Goods released Regional Customs Bureau Investigation and Suppression Bureau Post- Clearance Audit Bureau Slide 5
6 I. Thai Customs Environment: Target Areas Valuation Classification Formalities Privileges Royalty Assists Adjustments Proceeds Management fee, Technical assistance Wrong tariff code Wrong duty rate Prohibited/ Restricted goods Ministry of Finance (Section 12) Hand Carry Courier BOI Section 19bis Free Zone Bonded Warehouse FTAs Slide 6
7 I. Thai Customs Environment Audit approach Audit vs. Investigation Conflict between technical experts and audit officers High Penalties in case of non-compliance Current reward regime - Up to 25% of penalties for Customs (No cap) - Up to 30% of penalties for informers (No cap) Proposal for changing of penalties and reward regime (to be discussed in updates Section) Slide 7
8 I. Thai Customs Environment Customs Offences Smuggling Importing/Exporting goods that have not duly passed through customs (i.e. no import/export entry) Evasion Importing/exporting goods that have duly passed through customs (i.e. with import/export entry) with false declaration (e.g. under-valuation of the goods) which results in duty deficiency. False Declaration Even without duty deficiency, the importer/exporter may still be deemed as having committed a false declaration offence. Purchase/receipt of smuggled goods Knowing at the time of purchase or receipt that the goods are smuggled or imported with duty evasion. Slide 8
9 I. Thai Customs Environment: Penalty Scheme (Case settlement at Customs level) Smuggling (Section 27) 3 times of CIF + 3 times of duty + 2 times of VAT Evasion (Section ) 3 times of duty + 2 times of VAT + 1.5% VAT surcharge Purchasing (Section 27bis) 1 time of CIF + 1 time of duty + 1 time of VAT Note: If the importers loses the case at court level, currently the penalty shall be 4*CIF + 4*duty or imprisonment for a term of not exceeding ten years, or both Slide 9
10 Recent Challenges from Customs Slide 10
11 A. Free Trade Agreements ( FTA ) Slide 11
12 II. Recent Challenges from Customs Current FTAs for Thailand Multilateral ASEAN ASEAN China ASEAN Japan ASEAN Korea ASEAN India ASEAN Australia New Zealand Bilateral Thailand-Japan Thailand - Australia Thailand - New Zealand Thailand India Thailand Peru Thailand Chile (not yet into force) Slide 12
13 II. Recent Challenges from Customs FTA Compliance issues indirect invoicing (3rd/4th party) Companies may choose to structure their operations to optimize the cheaper labor cost in ASEAN countries (Thailand) coupled with tax incentives in Singapore (HQ) Goods Contract Japan Thailand Contract Manufacturer Invoice Arrangement Singapore HQ Slide 13
14 II. Recent Challenges from Customs FTA Compliance issues 3 rd /4 th party invoicing P 3 rd country invoicing concept: All Thai FTAs Latest FTA: Thai Chile FTA No definition of 3 rd country invoicing O 4 th country invoicing: Allowed Only for ATIGA Thai Customs authorities reject C/O from 4 th country invoicing Slide 14
15 II. Recent Challenges from Customs FTA Compliance issues On behalf of ( O/B ) or Care of ( C/O ) Exporter: Logistic Company O/B or C/O Manufacturing Company (Temporary) Flexibility for utilizing the duty privilege under the ASEAN-China FTA. (1 January April 2011) Currently, Thai Customs authorities does not accept O/B or C/O on Form E Discrepancies Discrepancies between C/O and invoice: date, importer/exporter s name and address Declaration of marks, number on packages, gross weight or other quantity and value (FOB) Box ticking: Not ticking on -Issued Retroactively -Exhibition -De Minimis -Third Country Invoicing Wrong application/ wrong Rules of Origin (RoO) in C/O Different C/O = different rules Slide 15
16 II. Recent Challenges from Customs FTA Compliance issues: Back-to-Back certificate of Origin (C/O) 1# Shipment 40 pcs Exporter (ASEAN) 100 pcs Singapore (Intermediate country) 2# Shipment 30 pcs 3# Shipment 30 pcs Thailand Restrictive interpretation by Thai Customs - Bonded warehousing required in intermediate country - Back-to-Back C/O IS NOT ALLOWED for 3 rd party invoicing transactions Slide 16
17 II. Recent Challenges from Customs s observation Moving responsibility from authorities to exporters Moving responsibility from exporter to importer Increased use of automated systems Different interpretations by exporting and importing FTA members Inconsistent interpretations among each FTAs by Thai Customs Increased post audit reviews by authorities on origin Slide 17
18 B. Customs Valuation Slide 18
19 II. Recent Challenges from Customs: Customs Valuation Import price + Adjustments (either additions / deductions) = Price actually paid or payable Royalty / License fee Proceeds Customs Valuation Commissions / packing Invoice price Assists Total payment Invoice price Slide 19
20 II. Recent Challenges from Customs: Customs Valuation Considerations for dutiable royalties/license fees Royalty/ License fee Manufactured by licensor s IP Incorporate the IPR Non-Dutiable Condition of Sales Dutiable Slide 20
21 II. Recent Challenges from Customs: Supreme Court Thailand - 3rd party Royalty payment dutiable? - Customs value of goods $100 or $105? 3rd party (Licensor) Royalty Manufacturer (Exporter) 5 Goods Buyer (Importer) 100 Slide 21
22 II. Recent Challenges from Customs: Advisory Opinion 4.15 Supply Agreement: - Manufacturer to manufacture goods with Licensor s Trade Mark under Licensor s control - Sell exclusively to buyer or others as Licensor determines Manufacture under control/ know-how 3rd party (Licensor) Royalty Manufacturer (Exporter) 5 Goods Buyer (Importer) 100 Slide 22
23 II. Recent Challenges from Customs: Comparison 3rd party (Licensor) Royalty Supreme Court 5 Goods Manufacturer (Exporter) Buyer (Importer) 100 Manufacture under control/knowhow 3rd party (Licensor) Royalty 5 AO 4.15 Manufacturer (Exporter) Goods Buyer (Importer) 100 Slide 23
24 Advisory Opinion 4.15 s observation A more cautious approach for Customs consideration on royalty Customs would not only look into the royalty agreement, but also sales surrounding circumstances (other agreements in connection with royalty agreement). Influence of licensor over manufacturer and buyer is also taken into account. Expect more challenges from Customs on 3rd party royalties. Slide 24
25 C. Licensing Slide 25
26 II. Recent Challenges from Customs: C. Licensing Are the goods prohibited from import? Are the goods subject to import/ export license? Are the goods prohibited/ restricted under more than one relevant laws and regulations? Is a Certificate of Free Sale considered as an import license? Could import license be issued retroactively? Slide 26
27 II. Recent Challenges from Customs: C. Licensing Administrative Court ruling, dated 3 December 2012 Repeal of Hazardous Substance Control List B.E & Hazardous Substance Control List (No. 2) B.E Only reference to English names of the hazardous substances Omission of the names of hazardous substances in Thai Slide 27
28 II. Recent Challenges from Customs: C. Licensing New Hazardous Substance Control List in effect on 28 September 2013 Key changes: Addition of Thai names for each substance with the English name in the parentheses; Each identification number refers to each substance; A categorization of the substances based on 6 responsible institutes / agencies ; Department of Agriculture (DOA) Department of Livestock Development (DLD) Department of Fisheries (DOF) Food and Drug Administration (FDA) Department of Industrial Works (DIW) Department of Energy Business (DOEB) An addition/ re-categorization of certain substances; An indication of restricted concentration (if any); Separate lists for groups of substances and products. Slide 28
29 II. Recent Challenges from Customs: C. Licensing Penalties under the Hazardous Substance Act B.E Imprisonment Fine (THB) or Both Type I: < 6 months < 50,000 / Type II: < year < 100,000 / Type III: < 2 years < 200,000 / Type IV: < 10 years < 1 million / Penalties under the Customs Act B.E Importing of restricted goods without import license. - Surrender of the goods OR - In lieu of goods surrendering, liable to value of the goods (CIF + Duty+ VAT) * Proposal for reduction of the penalty is recently raised. Slide 29
30 II. Recent Challenges from Customs: s observation Preparation for transition period on new Licensing Notification Expect more audits on licensing issue Keep an eye on updated regulation Slide 30
31 D. Customs Privileges Slide 31
32 II. Recent Challenges from Customs: D. Customs Privileges: Manufacturing Bonded Warehouse ( MBW ) Council of State s opinion No. 247/2548 (2005) Form D Form D Importer = A Vietnam Company A MBW Customs Challenge Importer = A Company B Thailand Council of State Slide 32
33 II. Recent Challenges from Customs: D. Customs Privileges: Free Zone ( FZ ) Potential Portion of local raw materials Issues! Manufacturing process under the FZ Clarification on the definition of Profit o Acceptable threshold? o Trading vs manufacturing profit Certificate issued by Independent institutes Slide 33
34 II. Recent Challenges from Customs: D. Customs Privileges: Section 12 of Customs Tariff Decree B.E.2530 ( Section 12 ) Example of discrepancy Customs Approval Part no Imported Part no. 1234A Slide 34
35 II. Recent Challenges from Customs: D. Customs Privileges: Section 12 of Customs Tariff Decree B.E.2530 ( Section 12 ) Challenges by Customs Could not enjoy the right for duty reductions/exemptions under Section 12, Liable to a fine of: Exposure Offence Evasion (Section ) (1) Fine Case settlement at Customs Level 2*duty + 1*VAT (2) Duty shortfall 1*duty + 1*VAT + 1.5% of VAT Total 3*duty + 2*VAT + 1.5% of VAT Slide 35
36 II. Recent Challenges from Customs: D. Customs Privileges: Section 12 of Customs Tariff Decree B.E.2530 ( Section 12 ) Key consideration Comply with the Ministry of Finance ( MOF ) Notification s requirement Goods meet the rules and procedures specified under the MOF s Notification Non-compliance with customs formality is a minor mistake? Slide 36
37 II. Recent Challenges from Customs: D. Customs Privileges: s observation Bonded Warehouse and FTA benefits may continue (pending guidance from Customs) Free Zone continues to be focus area for Customs. Section 12 compliance more important given recent challenges from Customs. Slide 37
38 E. Classification Slide 38
39 II. Recent Challenges from Customs: E. Classification Imported CKD? CKD CBU GRI 2 (a) and Section 6 of Customs Tariff Decree The CKD were imported with matching quantity (despite not the same shipment) Slide 39
40 II. Recent Challenges from Customs: E. Classification: relevant laws General Rules of Interpretation 2 (a) Any reference in a heading to an article shall be taken to include a reference to that article incomplete or unfinished, provided that, as presented, the incomplete or unfinished article has the essential character of the complete or finished article. It shall also be taken to include a reference to that article complete or finished (or failing to be classified as complete or finished by virtue of this Rule), presented unassembled or disassembled. Section 6 of Customs Tariff Decree Where it appears to the Director General of Customs that the duty chargeable upon any complete article is being evaded by means of importing, either simultaneously or otherwise, such article in separate parts, the duty chargeable upon such separate parts shall integrally be assessed at the rate for the complete article. Slide 40
41 II. Recent Challenges from Customs: s observation Customs tends to apply rules to attract a higher rate Placing deposit guarantee/ Reserve the right to argue on classification issue upon importation Seeking for classification s ruling? Slide 41
42 Other Updates/Developments Slide 42
43 III. Other Updates/Developments FTA Under Negotiation Thai EU FTA Thailand will be delisted as beneficiary country under GSP by early rounds of negotiation done Next round in December 2013 Controversial issues? - Intellectual Property Right ( IPR ) - Services - Investor state disputes - Government procurement - Duty drawback Time is ticking for Thailand? (Singapore-EU FTA = Concluded, Vietnam-EU FTA and Malaysia-EU FTA = Advanced stage Slide 43
44 III. Other Updates/Development Future FTAs Trans-Pacific Partnership ( TPP ) High-Standard FTA Original: Brunei, Chile, New Zealand and Singapore (P4) Attempt to conclude by the end of 2013 Under negotiations: - Original signatories: Brunei, Chile, New Zealand and Singapore - Negotiating members: Australia, Canada, Japan, Malaysia, Mexico, Peru, Vietnam and the United States Controversial issues? Where is Thailand? Slide 44
45 III. Other Updates/Development Future FTAs Regional Comprehensive Economic Partnership (RCEP) ASEAN (10) + 6 (Australia, China, India, Japan, Korea, New Zealand) Intended to be the largest FTA globally ASEAN + 1 remain valid Attempt to be concluded by the end of 2015 Slide 45
46 III. Other Updates/Developments AEC Self- certification ASEAN - 1st Pilot project on Self Certification: Brunei, Malaysia, Singapore and Thailand participating. Myanmar indicated intention to participate in the 1st Pilot Project. (extended till 31 December 2015) - 2nd Pilot project on Self Certification: Indonesia, Laos PDR, the Philippines and Vietnam participating. (Thailand possible participant) The two projects will run in parallel until Developing a single system is required by 2015 Slide 46
47 III. Other Updates/Developments National Single Window (NSW) Integrate customs clearance process (e.g. import, export and transit) into a single system. Exchange cargo clearance data electronically across ASEAN borders (as a part of ASEAN Single Window). Allow single submission of applications for licenses and permits through relevant authorities e.g. Customs Department, Excise Department and Board of Investment. Slide 47
48 III. Other Updates/Development Authorized Economic Operator (AEO) The rise of terrorism during the past 12 years has raised concern on security in global supply chain management. WCO developed Framework of Standards to Secure and Facilitate Global Trade and AEO guideline Some countries may implement AEO program under different name; - U.S.: Customs Trade Partnership Against Terrorism (C-TPAT) - New Zealand: Secure Export Scheme - Singapore: Secure Trade Partnership - China: Classified Management of Enterprises Slide 48
49 III. Other Updates/Development Authorized Economic Operator (AEO) Thailand: AEO launched 1 January 2013 Who can become an AEO? - Importers Exporters - Customs Brokers But there are more parties involving - Manufacturers/Suppliers - Warehouse Operators/Owners - Port Operators - Transport Operators - Freight Operators Slide 49
50 Other Updates/Development Authorized Economic Operator (AEO) Responsibilities of an AEO - Develop security system - Perform security risk assessment - Implement security measures as recommended by customs - Develop document on security system to support application And why should you consider doing all of these? - Privileges on customs clearance - Privileges on duty refund - Limit post clearance audit to 2 years - Privileges on case settlement Future AEO Mutual Recognition Arrangement ( MRA ) Slide 50
51 Other Updates/Development Authorized Economic Operator (AEO) s observation Key criteria o No smuggling offence; o Continuous profitability/ Secure financial status o Security compliance Obstacles Uptake low Gold Card / Licensed Broker expired at the end of September 2013 Slide 51
52 III. Other Updates/Development New Excise tax calculation on liquors New Notification effective from 4 September 2013 onwards. New tax base: Last Wholesale Price Previous Specific rate or Ad valorem rate New Ad valorem rate +Specific rate + Additional excise on each degree exceeding threshold level Slide 52
53 III. Other Updates/Development New Excise tax calculation on liquors: example Excise tax / consumption tax payable = (1) + [(2) or (3)] + (4) Ad Specific Rate Excise Rate in relation to products valorem (2) or (3) whichever is higher with "exceeding degrees" Wine and sparkling Rate wine of grapes (2) (3) (4) (1)* THB/Litre/per THB/Litre/ THB/Litre Condition 100 Degree Exceeding Degree 1) the last wholesale an alcoholic strength price excluding VAT, by volume exceeding 0 1, not exceeding degrees THB 2) the last wholesale price excluding VAT, exceeding 600 THB 36 1, an alcoholic strength by volume exceeding 15 degrees 3 Slide 53
54 III. Other Updates/Development Licensing Potential reduction of penalty Proposal by the Joint Standing Committee on Commerce, Industry and Banking To separate offences arising from technical mistakes from other offences under Section 27 e.g. import of restricted goods without license To specify appropriate penalty, not exceeding the penalty under the major law Cabinet resolution: assign Ministry of Finance for further consideration Slide 54
55 III. Other Updates/Development Customs Laws Penalty regime -Draft revision of Customs Act B.E.2469 (1926) - Duty fine 0.5 to 4 times of the CIF value - Customs audit period limited to 2 years Reward regime - Up to 15% of penalties for Customs (capped at 5 million baht) - Up to 30% of penalties for informers (capped at 10 million baht) Slide 55
56 Conclusion Slide 56
57 IV. Conclusion: Key takeaway 1. Hot issues a. Royalty paid to 3rd party b. Privilege utilization c. Licensing a. Self assessment/ external expert review => self disclosure d. FTA challenges b. Training and development 2. Minimize your risks c. Regulation updates 3. Defend yourself 4. Maximize your opportunities a. Check legal precedents b. Obtain ruling where possible a. Sign up for trade facilitation measures c. Seek expert s advice b. Use duty incentive schemes d. Develop best practices c. Stay on top on FTA opportunities and updates Slide 57
58 Contact Paul Sumner Partner Tel: +66 (0) Santi Krongsithidej Director Tel: +66 (0) Nu To Van Director Tel: +66 (0) Slide 58
59 Thank you PricewaterhouseCoopers WMS Bangkok Ltd. All rights reserved. 'PricewaterhouseCoopers' and/or '' refers to the individual members of the PricewaterhouseCoopers organisation in Thailand, each of which is a separate and independent legal entity. Please see for further details.
Thailand and TPP 30 November 2012 Apiradi Tantraporn, Executive Chairperson The International Institute for Asia Pacific Studies (INSAPS), Bangkok
Thailand and TPP 30 November 2012 Apiradi Tantraporn, Executive Chairperson The International Institute for Asia Pacific Studies (INSAPS), Bangkok University 1. Thailand and TPP TPP Countries and Thailand
More informationThe Trans-Pacific Partnership Agreement And New Trade Agreements Will Change The World Of Trade
The Trans-Pacific Partnership Agreement And New Trade Agreements Will Change The World Of Trade Customs, Trade & Risk Management Services Ltd. USA Customs, Trade & Risk Management Services (Vietnam) Co.
More informationEU Trade Policy and CETA
EU Trade Policy and CETA http://www.youtube.com/watch?v=iioc5xg2i5y The EU a major trading power European Commission, 2013 The EU a major trading power % of global exports, goods, 2012 % of global exports,
More informationDepartment of Foreign Affairs and Trade
Department of Foreign Affairs and Trade P4 (Chile, Singapore, New Zealand and Brunei) Negotiations commence in 2002 Trans-Pacific Strategic Economic Partnership (P4) enters into force in 2006 Negotiations
More informationImporting & Retailing in Taiwan
www.pwccustoms.com Importing & Retailing in Taiwan 22 May 2014 Webinar for US Fashion Industry Association Your resource today Jay Lin Trade and Customs Senior Manager, Taiwan Jay s experience in customs
More informationThailand as the Gateway to ASEAN Bonggot Anuroj Executive Director, Investment Marketing Bureau Thailand Board of Investment
Thailand as the Gateway to ASEAN Bonggot Anuroj Executive Director, Investment Marketing Bureau Thailand Board of Investment 16 November 2013 St. Regis Hotel, Bangkok Thailand: 2 nd Largest Economy in
More informationCurrent Issues with Customs in Vietnam. KPMG Vietnam Webinar 27 September :00 am (GMT+7) 11:00 am HKT 1:00 pm AEST
Current Issues with Customs in Vietnam KPMG Vietnam Webinar 27 September 2017 10:00 am (GMT+7) 11:00 am HKT 1:00 pm AEST Current Issues with Customs: Agenda 10:00-10:20 10:20-10:30 Customs Environment
More informationRCEP: PROGRESS, CHALLENGES & OUTLOOK
RCEP: PROGRESS, CHALLENGES & OUTLOOK Iman Pambagyo DG for International Trade Negotiations/Chair of the RCEP Trade Negotiating Committee/ASEAN Coordinator for RCEP Negotiations 1 COMPARING AEC, RCEP &
More informationFREE TRADE AGREEMENTS ANALYSIS
FREE TRADE AGREEMENTS ANALYSIS F R E E T R A D E A G R E E M E N T S I N F O R C E Free Trade Agreement About the Free Trade Agreement ASEAN-Australia-NZ Free Trade Agreement (AANZFTA) The AANZFTA is Australia
More informationImplementation of the New Customs Audit Regulations
www.pwccustoms.com Implementation of the New Customs Audit Regulations Overview On 19 June 2016, the State Council issued Order No. 670,
More informationCFRED The Trans Pacific Partnership Impact and Implications. Assessing the content from a business perspective
CFRED The Trans Pacific Partnership Impact and Implications. Assessing the content from a business perspective 1 M I C H A E L M U D D S E C R E TA R Y G E N E R A L, A PA C T H E O P E N C O M P U T I
More informationHarnessing Globalisation to Build a Better World for the Benefit of All. Yose Rizal Damuri Centre for Strategic and International Studies
Harnessing Globalisation to Build a Better World for the Benefit of All Yose Rizal Damuri Centre for Strategic and International Studies Growing Discontent about Globalisation Dissatisfaction over trade
More informationSEA Customs and Trade Alert
Error! No text of specified style in document. SEA Customs and Trade Alert July 2016 SEA Customs and Trade Alert Stay informed of changes Greetings from your SEA Customs and Global Trade Services group.
More informationJapan s New Trade Policy in Asia-Pacific
Japan s New Trade Policy in Asia-Pacific August 22, 2013 Shujiro URATA Waseda University 1 Contents I. Japan s Economic Situation II. High Economic Growth and Regional Economic Integration in Asia-Pacific
More informationCurrent Status and Challenges. May 14, Shujiro URATA Waseda University
Japan s FTA/EPA Strategy: Current Status and Challenges May 14, 2013 Shujiro URATA Waseda University Outline 1. Current Status of Japan s FTAs/EPAs 2. RCEP vs. TPP 3. Impacts of TPP and RCEP on Japanese
More informationBeyond Bali: prospects for multi- and plurilateral trade negotiations. by György Csáki Szent István University, Gödöllő - HUNGARY
Beyond Bali: prospects for multi- and plurilateral trade negotiations by György Csáki Szent István University, Gödöllő - HUNGARY WORLD CONGRESS OF COMPARATIVE ECONOMICS, Rome, 25-27 June, 2015 1 1. World
More informationFebruary 1, Press Club Brussels Europe
February 1, 2016 Press Club Brussels Europe The ASEAN Journey to Community Building 2015 Accelerate the economic growth, social progress and cultural development in the region through joint endeavors.
More informationJuly 12, 2013 Hanoi,Vietnam
The 6th Dialogue between Secretary General of ASEAN and Federation of ese Chambers of Commerce and Industry in ASEAN (FJCCIA) July 12, 2013 Hanoi,Vietnam is the principal investor in ASEAN(2011), in terms
More informationTaking ASEAN+1 FTAs towards the RCEP
Taking ASEAN+1 FTAs towards the RCEP Ikumo Isono Economist Economic Research Institute for ASEAN and East Asia (ERIA) October 30, 2013, S.C. Tsiang Memorial Hall, CIER, Taipei What is RCEP? New FTA negotiation
More informationLegal Review of FTA Tariff Negotiations
Legal Review of FTA Tariff Negotiations Prof. Jong Bum Kim August 6, 2007 Legal Review of FTA Tariff Negotiations 1. Recent state of FTAs in the world Causes behind FTA Proliferation 2. WTO Consistent
More informationinformation about THE rules
ISSN 1175-396X 42 Customs Fact Sheet Important information ASEAN-Australia-new zealand free trade area (aanzfta): information about THE rules of origin IMPORTS This fact sheet outlines the rules of origin
More informationNUMBER: November TPP11 and RCEP Compared
POLICY BRIEF ASIAN TRADE CENTRE NUMBER: 17-12 November 2017 TPP11 and RCEP Compared November 2017: This is an updated version of an earlier post on Talking Trade, modified to reflect the TPP11 changes
More informationQuestionnaire on a free trade agreement with the Philippines. Feedback from Industry stakeholders
Questionnaire on a free trade agreement with the Philippines Feedback from Industry stakeholders Date: 29/07/2016 I. BACKGROUND OF THE QUESTIONNAIRE DG Trade launched a questionnaire on the future EU-Philippines
More informationAre you comfortable with your VAT/WHT Documentation?
www.pwc.com/th 15th Annual Conference Maximise Are you comfortable with your VAT/WHT Documentation? Shareholder Value through Effective TAX Planning 2014 Agenda 1. VAT Documentation 1.1 Stock shortfall
More informationINTERNATIONAL TAX PLANNING. Singapore Domestic Law And Treaties SHANKER IYER FCA
INTERNATIONAL TAX PLANNING Singapore Domestic Law And Treaties SHANKER IYER FCA Contents Singapore Tax System Corporate & personal Recent tax developments What makes Singapore an attractive centre for
More informationUpdate New laws & regulations
www.pwc.com/th 16th Annual Conference Update New laws & regulations Maximise Shareholder Value through Effective TAX Planning 2015 Shangri-La Hotel Agenda 1.Tax rate update PIT, CIT & VAT 2.Various amendments
More informationTrans-Pacific Partnership
Trans-Pacific Partnership Advantages & Disadvantages for Vietnam Based Businesses November 2015 HCMDMS#184365 TPP Impact on Vietnam s Prospects 2015 Baker & McKenzie LLP 2 12 Countries: - Asia: Brunei,
More informationAGREEMENT ESTABLISHING THE ASEAN-AUSTRALIA-NEW ZEALAND FREE TRADE AREA (AANZFTA) Making Use of AANZFTA to Export or Import Goods
AGREEMENT ESTABLISHING THE ASEAN-AUSTRALIA-NEW ZEALAND FREE TRADE AREA (AANZFTA) Making Use of AANZFTA to Export or Import Goods Contents 1. Introduction 2. AANZFTA s Tariff Commitments 2.1 Overview of
More informationTPP11 Agreement in Principle: Japan s Role in Mega-regional Trade Agreements
TPP11 Agreement in Principle: Japan s Role in Mega-regional Trade Agreements December 15, 2017 Shujiro URATA Waseda University Contents Mega-regional FTA Negotiations Japan s objectives behind mega-regional
More informationJapan s FTA Strategy. August 7, Shujiro URATA Waseda University
Japan s FTA Strategy August 7, 2014 Shujiro URATA Waseda University 1 Contents I. Japan s Economic Situation II. High Economic Growth and Regional Economic Integration in Asia-Pacific III. Japan s New
More informationSFIA Legal Task Force Series: Updates on Changing International Trade Landscape Webinar
SFIA Legal Task Force Series: Updates on Changing International Trade Landscape Webinar SFIA Host: Jonathan Michaels, SFIA Webinar Moderator: Mark Granger, Granger Legal Consulting Presenters: Bill Sells,
More informationtariff global business nontariff barriers multinational corporation quota direct foreign investment trade barriers voluntary export restraints
global business tariff multinational corporation nontariff barriers direct foreign investment quota trade barriers voluntary export restraints protectionism government import standard A direct tax on imported
More information29 July 2013, Jakarta 1
Yoshifumi Fukunaga Economic Research Institute for ASEAN and East Asia 29 July 2013, Jakarta 1 What is RCEP? New FTA negotiation among the ASEAN+6 countries. o ASEAN10, Australia, China, India, Japan,
More informationThe Relative Significance of EPAs in Asia-Pacific
The Relative Significance of EPAs in Asia-Pacific 10 November 2015 Kenichi Kawasaki GRIPS/JIIA/RIETI 29 October 2011 Overview The relative significance of EPAs in Asia-Pacific TPP and RCEP are shown to
More informationShankaran Nambiar. Senior Research Fellow. Malaysian Institute of Economic Research. Malaysian Institute of Economic Research
Shankaran Nambiar Senior Research Fellow Outline Introduction ASEAN Economic Community (AEC) ASEAN as a Single Market & Production Base Trade Agreement and ASEAN Malaysia as ASEAN s Investment Hub Introduction
More informationASEAN-Australia-New Zealand Free Trade Area (AANZFTA) Ms Foo May Yan Manager (FTA Division) Trade Services and Policy Group 9 July 2010
ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) Ms Foo May Yan Manager (FTA Division) Trade Services and Policy Group 9 July 2010 THE SINGAPORE PUBLIC SERVICE: INTEGRITY SERVICE EXCELLENCE 1 Outline
More informationPotential Effects of Regional Comprehensive Economic Partnership (RCEP) on the Philippine Economy*
Potential Effects of Regional Comprehensive Economic Partnership (RCEP) on the Philippine Economy* Caesar B. Cororaton Presented at the Philippine Institute for Development Studies Quezon City, Metro Manila
More informationHot Tax and Investment Issues when Structuring Investment into Myanmar
Hot Tax and Investment Issues when Structuring Investment into Myanmar At a Glance Myanmar Laos Cambodia Vietnam Singapore 6 countries More than 50 professional staff Indonesia Our Vision Southeast Asia
More informationThe Relative Significance of EPAs in Asia-Pacific
The Relative Significance of EPAs in Asia-Pacific 19 June 2014 Consulting Fellow, RIETI Kenichi Kawasaki 29 October 2011 Overview The relative significance of EPAs in Asia-Pacific TPP and RCEP are shown
More informationBRIEFING ON The TRANS-PACIFIC PARTNERSHIP AGREEMENT (TPPA)
BRIEFING ON The TRANS-PACIFIC PARTNERSHIP AGREEMENT (TPPA) BY SYAHRIL SYAZLI GHAZALI Strategic Negotiation Division MITI 21 January 2016 1 BRIEF BACKGROUND 2005 (P4) - Brunei, Chile, Singapore & New Zealand.
More informationCompilation of Decisions/Understanding on the Implementation of the ACFTA
1. Third Party Invoicing 2. 3. THE EIGHTH MEETING OF ASEAN-CHINA JOINT COMMITTEE WORKING GROUP ON RULES OF ORIGIN (ACJC-WGROO) 25-30 July 2015, Bandar Seri Begawan, Brunei Darussalam Compilation of Decisions/Understanding
More informationNo Meeting Issues/Options Decision. Vientiane, Lao PDR. transition period. Reference number on the new form D
Decisions of ROOTF, CCCA, AFTA Council on Implementation Issues * No Meeting Issues/Options Decision 1 28 th ROOTF, 20-22 Implementation of the Any minor discrepancies, such as non-conformance size of
More informationThe North-Atlantic Free Trade Agreement and the Trans-Pacific Partnership: Side-by-Side Comparison. NAFTA Chapter 5: Customs Procedures
The North-Atlantic Free Trade Agreement and the Trans-Pacific Partnership: Side-by-Side Comparison NAFTA Chapter 5: Customs Procedures Chapter Five: Customs Procedures Chapter Five: Customs Administration
More informationRegional Comprehensive Economic Partnership (RCEP): Progress and Challenges
Vol. 7 No. 12 ISSN 2233-9140 Regional Comprehensive Economic Partnership (RCEP): Progress and Challenges LA Meeryung Research Fellow, Southeast Asia and Oceania Team, Department of Asia-Pacific (mrra@kiep.go.kr)
More informationRubber Declared Delivery Procedure
(As of October 9 th, 2018) Rubber Declared Delivery Procedure DISCLAIMER: This English translation is being provided for informational purposes only and represents a desire by the Exchange to promote better
More informationInvestment Policy Liberalization and Cooperation in ASEAN: Thailand s View
Investment Policy Liberalization and Cooperation in ASEAN: Thailand s View By Jaratrus Chamratrithirong 18 November 2010 Jakarta Roadmap Investment Policy Liberalization and Cooperation in ASEAN: An Overview
More informationThe problems occur when products arrive that haven t been tested in accredited labs so we have no idea about the validity of the test results that
Hope your 2016 is off to a great start. In this issue of IANZ Argus, we take a look at the Trans Pacific Partnership, the recent issue of the quality of steel imports, a visit to IANZ by the Minister of
More informationWorld Economy: Prospects and Risks Masahiro Kawai Graduate School of Public Policy Univ. of Tokyo
World Economy: Prospects and Risks Masahiro Kawai Graduate School of Public Policy Univ. of Tokyo Seoul 13 June 2017 Prospects of the World Economy The world economy is growing in 2017 The US Fed continues
More informationSingapore: A Springboard for your ASEAN Investment. David Chao FDI Advisory UOB Hong Kong
Singapore: A Springboard for your ASEAN Investment David Chao FDI Advisory UOB Hong Kong November 2016 1 Growing Regional FDI Trends FDI inflows into ASEAN and China (USD billion) 95 115 105 124 121 124
More informationServices Trade: Essential Fuel for U.S. and Global Economic Growth
Services Trade: Essential Fuel for U.S. and Global Economic Growth CHRISTINE BLISS, PRESIDENT, THE COALITION OF SERVICES INDUSTRIES SERVICESCOALITION.ORG The Role of Services in the U.S. Economy The United
More informationAmendment to Determination of Service Business Exempted from Applying for FBL. Cash Payment for Stamp Duty for Company Registration Documents
Bangkok Global Law 540, Unit 1705, 17 th Floor, Mercury Tower, Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Thailand Tel: +(66) 2 2525895-6 Fax: +(66) 2 2525897 www.bgloballaw.com Legal Insight Vol.
More informationBonded Processes. Inbond Transportation/Bonded Warehouse/Foreign Trade Zone. Gateway International Foreign Trade Zone
Bonded Processes Inbond Transportation/Bonded Warehouse/Foreign Trade Zone Gateway International Foreign Trade Zone What is Bonded Freight Freight that has not cleared on a consumption entry is considered
More informationGlobal Economic Management and Asia s Responsibility Masahiro Kawai Asian Development Bank Institute
Global Economic Management and Asia s Responsibility Masahiro Kawai Asian Development Bank Institute PECC 18 th General Meeting Economic Crisis and Recovery: Roles for the Asia-Pacific Economies Washington,
More informationAnnual Report 2011 of Thailand Under the Kimberley Process Certificate Scheme (KPCS)
Annual Report 2011 of Thailand Under the Kimberley Process Certificate Scheme (KPCS) 1. Authority of Thailand on KPCS 1.1 The Contact Authority Mr. Manat Soiploy Director-General Department of Foreign
More informationReforming the IIA System: Investment Arbitration in Asia-Pacific and ASEAN
Reforming the IIA System: Investment Arbitration in Asia-Pacific and ASEAN Regional Seminar on IIAs and Sustainable Development, and 6 th Meeting of the Asia-Pacific FDI Network Bangkok, Thailand, 1-2
More informationCustoms Clearance & Tariffs
04 Customs Clearance & Tariffs 118 1. Customs Clearance Customs clearance refers to the import, export or return of goods pursuant to the procedures prescribed by the Customs Act. Customs clearance procedures
More informationCost-saving with Compliance and Efficiency: Customs Classification, Valuation and IPR Border Enforcement
Cost-saving with Compliance and Efficiency: Customs Classification, Valuation and IPR Border Enforcement The German Chamber of Commerce in China The European Chamber of Commerce in China The American Chamber
More informationJapan, the US and TPP-11: Where do we go from here?
Japan, the US and TPP-11: Where do we go from here? Masahiro Kawai, PhD Economic Research Institute for Northeast Asia and Graduate School of Public Policy, Univ. of Tokyo "Japan in 2019: A Look at the
More informationBrexit Brief what should we do now
Brexit Brief what should we do now Indirect Tax Forum - 2018 17 April 2018 What is Brexit? Most fundamental change to UK trade with the EU and rest of the world in decades, with a new customs border created
More informationEXPORTS TO MEMBER COUNTRIES OF THE ASSOCIATION OF SOUTHEAST ASIAN NATIONS CERTIFICATION AND TRADE FACILITATION
ISSN 1175-396X 43 Customs Fact Sheet Important information EXPORTS TO MEMBER COUNTRIES OF THE ASSOCIATION OF SOUTHEAST ASIAN NATIONS (ASEAN) AND Australia CERTIFICATION AND TRADE FACILITATION New Zealand
More informationFOREIGN TRADE ZONES U.S. Customs Procedures and Requirements WHAT IS A FOREIGN-TRADE ZONE?
FOREIGN TRADE ZONES U.S. Customs Procedures and Requirements WHAT IS A FOREIGN-TRADE ZONE? Foreign-Trade Zones (FTZs) are restricted access sites authorized by the Foreign-Trade Zones Board consisting
More informationJapan-ASEAN Comprehensive Economic Partnership
Japan- Comprehensive Economic Partnership By Dr. Kitti Limskul 1. Introduction The economic cooperation between countries and Japan has been concentrated on trade, investment and official development assistance
More informationWhy do we need RCEP? Lili Yan Ing. The Establishment of the AEC and RCEP: Challenges and Opportunities Taipei, 29 July 2015
Economic Research Institute for ASEAN and East Asia The Establishment of the AEC and RCEP: Challenges and Opportunities Taipei, 29 July 2015 Why do we need RCEP? Lili Yan Ing 1 Outline 1. Review of ASEAN
More informationTAXATION BAR EXAM QUESTIONS ON TARIFF & CUSTOMS CODE
2010 2015 TAXATION BAR EXAM QUESTIONS ON TARIFF & CUSTOMS CODE Under the Tariff and Customs Code, abandoned imported articles becomes the property of the: (2011 Bar Question) (A) government whatever be
More informationJapan s Efforts to Encourage SMEs to Utilize EPAs
2012/CTI/WKSP/007 Session 2 Japan s Efforts to Encourage SMEs to Utilize EPAs Submitted by: Japan Workshop on Increasing Free Trade Agreement Utilization by SMEs Tokyo, Japan 7 August 2012 Japan s efforts
More informationA TPP Agreement: An Opportunity for Kentucky. Trade & Investment with TPP Countries Is Good for Kentucky. Jobs Exports Investment 52%
Overview The United States and 11 other countries are currently negotiating a Trans- Pacific Partnership (TPP) agreement, which will strengthen trade and investment relationships across the Asia- Pacific
More informationCambodia Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: June Cambodia (2015) (2)
Cambodia Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Cambodia (2015) (2) 1 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of
More informationCustoms Alert. Vietnam Customs and Global Trade Alert - A fresh perspective Draft Circular amending and supplementing Circular No.
Customs Alert Vietnam Customs and Global Trade Alert - A fresh perspective Draft Circular amending and supplementing Circular No. 38/2015/TT-BTC January 31 st, 2018 2018 Deloitte Vietnam Tax Advisory Co.
More informationChina / Australia Free Trade Agreement (ChAFTA) Maximising Opportunities. December 2014
China / Australia Free Trade Agreement (ChAFTA) Maximising Opportunities December 2014 FTAs UTILISED BY ONLY 19% OF AUSTRALIAN EXPORTERS 75% OF EXPORTERS THAT USE FTAs EXPERIENCE EXPORT GROWTH Topics 1.
More informationRIETI Special Seminar. The New Landscape of World Trade with Mega-FTAs and Japan's Strategy. Handout. URATA Shujiro
RIETI Special Seminar The New Landscape of World Trade with Mega-FTAs and Japan's Strategy Handout URATA Shujiro Faculty Fellow, RIETI / Professor of Economics, Graduate School of Asia-Pacific Studies,
More informationIndia s Trade Policy and Global Trade Initiatives
India s Trade Policy and Global Trade Initiatives Ambassador Frank Wisner International Affairs Advisor Former US Ambassador to India Frank Samolis Partner Co-chair, International Trade Practice Group
More informationThe Next-Generation Interactive APEC Tariff Database
The Next-Generation Interactive APEC Tariff Database A tool to help SMEs access trading markets in Asia Pacific Initiative by USCIB, NC-APEC, US-ASEAN Business Council, TradeMoves LLC & Mercor Consulting
More informationISSUES ON TRADE IN GOODS
CHAPTER 1 Chapter 1: Issues on Trade in Goods ISSUES ON TRADE IN GOODS The economic partnership agreements that have been entered into by Japan are unique in nature for their comprehensiveness. The provisions
More informationInternational tax challenges for Asia and the G20: Competition and coordination. Professor Miranda Stewart
International tax challenges for Asia and the G20: Competition and coordination Professor Miranda Stewart 2 Three international tax challenges 1. Protecting the company tax base 2. Cooperating in transnational
More informationParallel Session 7: Regional integration
ASIA-PACIFIC RESEARCH AND TRAINING NETWORK ON TRADE ARTNeT CONFERENCE ARTNeT Trade Economists Conference Trade in the Asian century - delivering on the promise of economic prosperity 22-23 rd September
More informationMega-Regional Trading Arrangements: TPP and TTIP - how China and other emerging economy react to the new rules governing the trade and investment?
Mega-Regional Trading Arrangements: TPP and TTIP - how China and other emerging economy react to the new rules governing the trade and investment? Jiang, Qing-Yun Shanghai University of International Business
More informationEmeritus Professor Dr Zakariah Abdul Rashid. Executive Director Malaysian Institute of Economic Research
Emeritus Professor Dr Zakariah Abdul Rashid Executive Director Malaysian Institute of Economic Research LAUNCHING THE RCEP NEGOTIATION Negotiation was launched during 21 st ASEAN Summit, November 2012
More informationDoing Business in Thailand Overview of the AEC
Mazars Thailand Doing Business in Thailand Overview of the AEC Adrian Tan 23 April 2014 1 CONTENTS 1. Mazars Facts and Figures Mazars in Thailand 2. Overview of the AEC 3. Doing Business in Thailand 4.
More informationTax Newsletter, Issue no. 2/2016
Tax Newsletter, Issue no. 2/2016 In this issue: Tax developments from January to June 2016 I. Reduction of tax rates II. Tax deduction for purchase of first residence for individual III. VAT exemption
More informationInternational Trade Agreements and Emerging Markets
International Trade Agreements and Emerging Markets Discussants: Tim Bennett, Paul Bonicelli and Evelyn M. Suarez For 2015 Hampton Roads Global Business Conference September 30, 2015 Why are we talking
More information42,000 54% 40+ The TPP Agreement: An Opportunity for North Dakota. Overview. What Is the TPP?
Overview The United States and 11 other countries are negotiating the Trans- Pacific Partnership (TPP) agreement, which will strengthen trade and investment relationships with the Asia- Pacific region.
More information2017 APEC CEO Survey Key Findings
A world in transition: PwC s 2017 APEC CEO Survey 2017 APEC CEO Survey Key Findings www.pwc.com/apec Key themes Making of the workforce of the future An operating model for a fluid trade policy environment
More informationRULES OF ORIGIN OPERATIONAL PROCEDURES. Ma Rosario V. Acosta Assistant Chief Export Division, POM Bureau of Customs
RULES OF ORIGIN OPERATIONAL PROCEDURES Ma Rosario V. Acosta Assistant Chief Export Division, POM Bureau of Customs To familiarize Customs Personnel on the procedures for the Issuance and verification of
More informationCustoms Valuation Issues and Research Methodologies
Customs Valuation Issues and Research Methodologies Florian A. Alburo UNDP/ESCAP ARTNeT Trade Facilitation Research Team Meeting, 15 March 2006, Bangkok, Thailand Outline of Presentation I. Relevance of
More informationTax Newsletter. August 2013
Tax Newsletter August 2013 Table of Contents: NEW DOCUMENTS New Decree guiding the implementation of the amended Laws on CIT and VAT New Circular on Personal Income Tax ( PIT ) GUIDING DOCUMENTS Value
More informationEconomic Integration in South East Asia and the Impact on the EU
Economic Integration in South East Asia and the Impact on the EU Contents Executive summary... 4 1. Introduction... Error! Bookmark not defined. 2. Introduction to State of Economic Integration in South
More informationThe Importance of CJK FTA for the Development of Trilateral Cooperation
The Importance of CJK FTA for the Development of Trilateral Cooperation April 7, 2016 Chang Jae LEE Korea Institute for International Economic Policy Contents I. Brief history of CJK FTA II. Reasons why
More informationSession 5: In search of the meaningful market access what are the policy options for LDCs
REGIONAL WORKSHOP ON LEAST DEVELOPED COUNTRIES AND LEVERAGING TRADE AS A MEANS OF IMPLEMENTATION FOR THE 2030 AGENDA Session 5: In search of the meaningful market access what are the policy options for
More informationImpacts on Global Trade and Income of Current Trade Disputes
Public Disclosure Authorized July 2018 Number 2 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Impacts on Global Trade and Income of Current Trade Disputes Caroline
More informationCharting Brunei s Economy
Charting Brunei s Economy Designed to help executives catch up with the economy and incorporate macro impacts into company s planning. Annual subscription includes 2 semiannual issues published in June
More informationAn Overview of Indirect Taxes. By PROF V.N. PARTHIBAN, FICWA, ACS, FIII, ASM, ADIM, MBA, LLM
An Overview of Indirect Taxes By PROF V.N. PARTHIBAN, FICWA, ACS, FIII, ASM, ADIM, MBA, LLM Customs Duty Basic Customs Duty :Levied under Customs Act, 1962 on : Imported goods: (means any goods brought
More informationOVERLOOKED FACTS ABOUT
OVERLOOKED FACTS ABOUT the Trans-Pacific Partnership 1 Top Ten Overlooked Facts About the Trans-Pacific Partnership Asia-Pacific Markets Are Ripe With Opportunity As U.S. companies scour the globe for
More informationASEAN Integration in Trade in Services. Tan Tai Hiong ASEAN Secretariat ASEAN Services Forum June 2015, ASEAN Secretariat Jakarta, Indonesia
ASEAN Integration in Trade in Services Tan Tai Hiong ASEAN Secretariat ASEAN Services Forum 18-19 June 2015, ASEAN Secretariat Jakarta, Indonesia % of GDP 80% Share of Services in GDP 70% 60% 50% 40% 30%
More informationUpdate new tax laws and regulations. 18 October 2016
18 th Annual Tax and Legal Conference Maximise Shareholder Value 2017 www.pwc.com/th Update new tax laws and regulations Agenda PART I 1. Tax rate update 2. Tax measures to encourage a single bookkeeping
More informationSession 3: ATIGA and Rules of Origin
TRAINING PROGRAMME ON NEGOTIATING PREFERENTIAL TRADE AGREEMENTS Session 3: ATIGA and Rules of Origin 29-31 August Phnom Penh, Cambodia Rajan Sudesh Ratna Economic Affairs Officer Trade, Investment and
More informationIndonesia Tax Info. 31 October 2018 October 2018
31 October 2018 October 2018 Indonesia Tax Info E-Registration of Tax ID number through SABH and OSS In order to support the ease of doing business, improve the quality of corporate taxpayers registration
More informationTax Newsletter, Issue no. 2/2017
Tax Newsletter, Issue no. 2/2017 Tax developments from 1 April to 15 August 2017 In this issue: Tax developments from 1 April to 15 August 2017 Interesting Supreme Court case I. Additional tax deductions
More informationCHAPTER FOUR ORIGIN PROCEDURES
CHAPTER FOUR ORIGIN PROCEDURES ARTICLE 4.1: CERTIFICATE OF ORIGIN 1. Each Party shall grant preferential tariff treatment in accordance with this Agreement to an originating good imported from the territory
More informationCARS 21 WG 2 TRADE AND INTERNATIONAL HARMONISATION - TRADE ISSUES - MEETING 14 FEBRUARY 2011
CARS 21 WG 2 TRADE AND INTERNATIONAL HARMONISATION - TRADE ISSUES - MEETING 14 FEBRUARY 2011 Importance of Trade for the EU Automobile Industry 1/12 International trade is of major importance for our industry
More informationDivision on Investment and Enterprise
Division on Investment and Enterprise Readers are encouraged to use the data in this publication for non-commercial purposes, provided acknowledgement is explicitly given to UNCTAD, together with the reference
More information