Global

Details

  • Service: Tax, Global Indirect Tax
  • Type: Regulatory update
  • Date: 11/20/2013

Taiwan - Tariff reductions in customs agreement with New Zealand 

November 20:  A customs agreement between New Zealand and the customs territory that includes Taiwan will enter into force 1 January 2014.

Taiwan’s Legislative Yuan approved the agreement between New Zealand and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Cooperation in late October 2013 and approved the amended tariff schedule on 5 November 2013.

Changes to customs duties

Under the agreement (referred to as “ANZTEC”), almost 9,000 items originating in New Zealand are included in the amended tariff schedule. Among these, tariffs will be removed on products used in everyday life such as milk powder, butter, fresh apple, and wool.


Tariffs on almost 500 agricultural products will be reduced over a two- to eight-year period or be eliminated after 12-year tariff rate quotas.


Eleven rice related products are excluded from the schedule, however, to reduce the impact on Taiwan’s agricultural industry.


Concerning exports from Taiwan to New Zealand, the ANZTEC will benefit primarily industrial products including the top three categories exported to New Zealand—iron and steel products, plastic products, and bicycle and associated components.


Read a November 2013 report [PDF 212 KB] prepared by the KPMG member firm in Taiwan: The Economic Cooperation Agreement between Taiwan and New Zealand (ANZTEC) Reduces Tariffs on Dairy Products and Industrial Products




©2013 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now