1. The UK suspends import taxes on more than 100 types of goods
Recently, the British government announced that it would suspend import tariffs on more than 100 products until June 2026. Products whose import duties will be eliminated include chemicals, metals, flowers and leather.
Analysts from industry organizations say that eliminating tariffs on these goods will reduce the inflation rate by 0.6% and reduce nominal import costs by nearly 7 billion pounds (approximately $8.77 billion). This tariff suspension policy follows the principle of most-favored nation treatment of the World Trade Organization, and the suspension of tariffs applies to goods from all countries.
2. Iraq implements new labeling requirements for imported products
Recently, the Iraqi Central Organization for Standardization and Quality Control (COSQC) implemented new labeling requirements for products entering the Iraqi market. Arabic labels mandatory: Starting May 14, 2024, all products sold in Iraq must use Arabic labels, either alone or in conjunction with English. Applies to all product types: This requirement covers products seeking to enter the Iraqi market, regardless of product category. Phased implementation: The new labeling rules apply to revisions of national and factory standards, laboratory specifications and technical regulations published before May 21, 2023.
3. Chile revise preliminary anti-dumping ruling on Chinese steel grinding balls
On April 20, 2024, the Chilean Ministry of Finance issued an announcement in the official daily newspaper, deciding to modify the regulations on steel grinding balls with a diameter less than 4 inches originating in China (Spanish: Bolas de acero forjadas para molienda convencional de diámetro inferior a 4 pulgadas ), the provisional anti-dumping duty was adjusted to 33.5%. This temporary measure will be effective from the date of issuance until the final measure is issued. The validity period will be calculated from March 27, 2024, and shall not exceed 6 months. The Chilean tax number of the product involved is 7326.1111.
4. Argentina cancels the import red channel and promotes the simplification of customs declaration
Recently, the Argentine government announced that the Ministry of Economy has canceled the obligation for a series of products to go through the customs "red channel" for inspection. Such regulations require strict customs inspections of imported goods, resulting in costs and delays for importing companies. From now on, relevant goods will be inspected in accordance with the random inspection procedures established by the Customs for the entire tariff. The Argentine government canceled 36% of the import business listed in the red channel, which accounted for 7% of the country's total import business, mainly involving products including textiles, footwear and electrical appliances.
5. Australia will eliminate import tariffs on nearly 500 items
The Australian government recently announced on March 11 that it will cancel import tariffs on nearly 500 items starting from July 1 this year. The impact ranges from washing machines, refrigerators, dishwashers to clothing, sanitary napkins, bamboo chopsticks and other daily necessities. The specific product list will be announced in the Australian Budget on May 14. Australian Finance Minister Chalmers said that this part of the tariff will account for 14% of the total tariff and is the largest unilateral tariff reform in the country in 20 years.
6. Mexico announced the imposition of temporary tariffs on 544 imported goods.
Mexican President Lopez signed a decree on April 22, targeting steel, aluminum, textiles, clothing, footwear, wood, plastics and their products, chemical products, paper and cardboard, ceramic products, glass and its manufactured products, electrical equipment, Temporary import tariffs of 5% to 50% are levied on 544 items of goods, including transportation equipment, musical instruments, and furniture. The decree takes effect on April 23 and will be valid for two years. According to the decree, textiles, clothing, footwear and other products will be subject to a temporary import tariff of 35%; round steel with a diameter less than 14 mm will be subject to a temporary import tariff of 50%.
7. Thailand levies value-added tax on small-amount imported goods below 1,500 baht.
Mr. Chulappan, Deputy Minister of Finance, revealed at the cabinet meeting that he will start drafting a law on the collection of value-added tax on imported products, including products worth less than 1,500 baht, to treat domestic small and micro entrepreneurs fairly. The laws enforced will be based on compliance with
International agreement on the tax mechanism of the Organization for Economic Cooperation and Development (OECD). VAT is collected through the platform, and the platform hands the tax to the government.
8. Amendments to Uzbekistan’s Customs Law will come into effect in May
The amendment to Uzbekistan's "Customs Law" was signed and confirmed by Uzbek President Mirziyoyev and will officially take effect on May 28. The new law aims to improve the import, export and customs declaration procedures for goods, including stipulating the time limit for re-export and transit goods to leave the country (within 3 days for air transport,
Road and river transportation within 10 days, and railway transportation shall be confirmed according to mileage), but the original tariffs levied on overdue goods that have not been exported as imported shall be cancelled. Products processed out of raw materials are allowed to be declared at a customs authority different from the customs declaration office for raw materials when re-exported into the country. allow
The ownership, use rights and disposal rights of undeclared warehouse goods are allowed to be transferred. After the transferor provides written notice, the transferee shall provide the goods declaration form.
Post time: May-30-2024