Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 6/7/2012

China - Customs implements advance valuation review system for imported goods 

June 7:  Guidance issued in late 2011, by China’s General Administration of Customs, requires all PRC customs houses to implement an “advance valuation review” system for imported goods in 2012.

The 2011 guidance—known in English as “notice on promulgation of the provisional regulations on advance valuation review on import goods” (Circular 419), and issued on 29 November 2011—sets forth the criteria for the advance valuation review program.


Under the program, an importer applies to the customs house for the designated port where the imported goods are delivered, for a review of the dutiable value of the goods before they are declared for import. When the goods are then actually declared for import, China Customs may compute and levy the amount of import duty based on the previously reviewed dutiable value of the imported goods.


Importers having a Class A or Class AA status may apply to participate in the advance valuation review program. The scope of commodities subject to the review program typically are those that are difficult for China Customs to assess and determine their value on-site.


To read a June 2012 report prepared by the KPMG member firms in China and Hong Kong: China Customs implement an advance valuation review system for imported goods (PDF 300 KB)




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