China

Details

  • Service: Tax, Global Transfer Pricing Services (GTPS), Trade & Customs
  • Type: Business and industry issue
  • Date: 8/12/2011

Asia-Pacific Trade & Customs News 201107/04: Bridging the gap between Transfer Pricing and Customs Valuation 

This year, for the first time, the World Customs Organisation (WCO) is set to endorse a policy to find a link between transfer pricing rules (based on OECD guidelines) and rules on customs valuation (based on the General Agreement on Tariffs and Trade (GATT) and World Trade Organisation (WTO) Agreement guidelines). With WCO Commentary 23.1 (which was adopted by the WCO’s Technical Committee on Customs Valuation at its October 2010 meeting), a first step is taken toward further research into how transfer pricing documentation can be a guideline when testing the validity of a related-party price declared for customs purposes.

Featured in this edition are:

 

World Customs Organization (WCO) Commentary 23.1 on Transfer Pricing and Customs Valuation;
The 2012 amendments to the Harmonized System (HS) Nomenclature;
The implementation of the EU-Korea Free Trade Agreement; and
The full enforcement of the Malaysia Strategic Trade Act