Monday, 13 July 2009
China raises rebates to shore up exports
The purpose of these rebates are to stimulate more trade between overseas buyers and Chinese exporters, the benefit will be a reduction in your prices on all applicable products shipped after the 1/06/09.
China has raised export tax rebates on more than 2,600 items, including processed farm products, machines, shoes, hats and toys, as of June 1, the Ministry of Finance (MOF) announced Monday.This is the seventh time that the nation raised tax rebates since last August as to shore up exports amid global economic downturn. A ministry official, Liu Shangxi, told Xinhua the latest rebate increase reflected the government's efforts to spur the economy by combining domestic consumption and export industry."China's exports still face difficulties in the short term.
The tax rebate increase would help exporters reduce costs and shore up exports," he said.According to a notice jointly announced by the ministry and the State Administration of Taxation, tax rebates on TV transmitters, sewing machines were raised to 17 percent, and that on canned food, juice, shoes, hats and toys were up to 15 percent.Tax rebates on plastic, porcelain, glass and aquatic products were lifted to 13 percent, steel products, including scissors, to 9 percent and cornstarch, alcohol to 5 percent.
For more information on the full rebate % for the products you source from China please contact richard.ferris@yrclogistics.com
China has raised export tax rebates on more than 2,600 items, including processed farm products, machines, shoes, hats and toys, as of June 1, the Ministry of Finance (MOF) announced Monday.This is the seventh time that the nation raised tax rebates since last August as to shore up exports amid global economic downturn. A ministry official, Liu Shangxi, told Xinhua the latest rebate increase reflected the government's efforts to spur the economy by combining domestic consumption and export industry."China's exports still face difficulties in the short term.
The tax rebate increase would help exporters reduce costs and shore up exports," he said.According to a notice jointly announced by the ministry and the State Administration of Taxation, tax rebates on TV transmitters, sewing machines were raised to 17 percent, and that on canned food, juice, shoes, hats and toys were up to 15 percent.Tax rebates on plastic, porcelain, glass and aquatic products were lifted to 13 percent, steel products, including scissors, to 9 percent and cornstarch, alcohol to 5 percent.
For more information on the full rebate % for the products you source from China please contact richard.ferris@yrclogistics.com
Labels: China, Exports, Rebates
Friday, 28 November 2008
TRADE ALERT: CBP Publishes 10+2 “Interim Final Rule”
The Department of Homeland Security, Customs and Border Protection published the Importer Security Filing “Interim Final Rule” in the Federal Register published November 25, 2008. The effective date of this “Interim Final Rule” is
January 26, 2009. Enforcement will be delayed for 12 months (January 26, 2010) "so long as importers are making satisfactory progress toward compliance and are making a good faith effort to comply." Additionally, this "Interim Final" rule allows for a "structured review" that includes a comment period on 6 data elements
for which CBP is providing some type of flexibility (Container stuffing location, Consolidator (stuffer), Manufacturer (or supplier), Ship to party, Country of origin, and Commodity HTSUS number). These comments are due by June 1, 2009.
Although the basic requirements outlined in the January 2, 2008 Notice of Proposed Rulemaking (NPRM) remain unchanged, today’s notice contains several important changes and clarifications.
FLEXIBLE REPORTING: Among these are flexibility in reporting four data elements: Manufacturer (or supplier), Ship to party, Country of origin, and Commodity HTSUS number). CBP now will permit importers, in their initial filing, to provide
a range of acceptable responses based on facts available to the importer at the time, in lieu of a single specific response (which may become known to the importer only at a later time). Importers will be required to update their filings with
respect to these elements as soon as more precise or more accurate information is available, “in no event less than 24 hours prior to arrival at a U.S. port.” (Emphasis added) CBP also has added similar flexibility for the Container stuffing location and Consolidator (stuffer) elements by requiring submission “as early as possible”, and in any event “no later than 24 hours prior to arrival in a U.S. port.” (Emphasis added)
LOWER PENALTY AMOUNTS: The liquidated damages amount for violations of the Importer Security Filing requirements are changed from the value of the merchandise, as originally proposed, to $5,000 for each violation.
DATA ELEMENTS CLARIFIED: The party required to submit the Importer Security Filing is now defined as the “ISF Importer” and is construed as the owner, purchaser, consignee, or agent such as a licensed customs broker. The agent must have a power of attorney in English and retain that Power of Attorney for five years, although no particular format is mandated. The “Manufacturer (or supplier)” is defined to mean the “party supplying” the finished goods in the country from which the goods are leaving and that this party does not necessarily need to be the actual manufacturer (except where specifically required by current entry procedures (e.g. Apparel)). The manufacturer can be construed to refer to the invoicing party or parties, as permitted under existing Entry and Entry Summary procedures.
There is much more contained in the 57-page Federal Register Notice. YRC Logistics is sponsoring an Importer Security Filing (10+2) Workshop to review this Interim Final Rule and its practical application. The Workshop will be held on Tuesday, December 9, 2008 from 1-3 p.m. in Chicago, IL and via Webex for those who cannot attend live in Chicago.
The Workshop is co-hosted by Sandler, Travis & Rosenberg, Four Soft USA, and Avalon Risk Management. Details and registration information can be found at www.yrclogistics.com/workshop.
The Department of Homeland Security, Customs and Border Protection published the Importer Security Filing “Interim Final Rule” in the Federal Register published November 25, 2008. The effective date of this “Interim Final Rule” is
January 26, 2009. Enforcement will be delayed for 12 months (January 26, 2010) "so long as importers are making satisfactory progress toward compliance and are making a good faith effort to comply." Additionally, this "Interim Final" rule allows for a "structured review" that includes a comment period on 6 data elements
for which CBP is providing some type of flexibility (Container stuffing location, Consolidator (stuffer), Manufacturer (or supplier), Ship to party, Country of origin, and Commodity HTSUS number). These comments are due by June 1, 2009.
Although the basic requirements outlined in the January 2, 2008 Notice of Proposed Rulemaking (NPRM) remain unchanged, today’s notice contains several important changes and clarifications.
FLEXIBLE REPORTING: Among these are flexibility in reporting four data elements: Manufacturer (or supplier), Ship to party, Country of origin, and Commodity HTSUS number). CBP now will permit importers, in their initial filing, to provide
a range of acceptable responses based on facts available to the importer at the time, in lieu of a single specific response (which may become known to the importer only at a later time). Importers will be required to update their filings with
respect to these elements as soon as more precise or more accurate information is available, “in no event less than 24 hours prior to arrival at a U.S. port.” (Emphasis added) CBP also has added similar flexibility for the Container stuffing location and Consolidator (stuffer) elements by requiring submission “as early as possible”, and in any event “no later than 24 hours prior to arrival in a U.S. port.” (Emphasis added)
LOWER PENALTY AMOUNTS: The liquidated damages amount for violations of the Importer Security Filing requirements are changed from the value of the merchandise, as originally proposed, to $5,000 for each violation.
DATA ELEMENTS CLARIFIED: The party required to submit the Importer Security Filing is now defined as the “ISF Importer” and is construed as the owner, purchaser, consignee, or agent such as a licensed customs broker. The agent must have a power of attorney in English and retain that Power of Attorney for five years, although no particular format is mandated. The “Manufacturer (or supplier)” is defined to mean the “party supplying” the finished goods in the country from which the goods are leaving and that this party does not necessarily need to be the actual manufacturer (except where specifically required by current entry procedures (e.g. Apparel)). The manufacturer can be construed to refer to the invoicing party or parties, as permitted under existing Entry and Entry Summary procedures.
There is much more contained in the 57-page Federal Register Notice. YRC Logistics is sponsoring an Importer Security Filing (10+2) Workshop to review this Interim Final Rule and its practical application. The Workshop will be held on Tuesday, December 9, 2008 from 1-3 p.m. in Chicago, IL and via Webex for those who cannot attend live in Chicago.
The Workshop is co-hosted by Sandler, Travis & Rosenberg, Four Soft USA, and Avalon Risk Management. Details and registration information can be found at www.yrclogistics.com/workshop.
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