China Customs published a series of compliance requirements for importers and exporters. With the ongoing reform of customs clearance processes and national integration Customs is dedicating more resources to risk management and post-clearance investigation, such as the national audit on royalties.
From 30 March 2016, following Announcement [2016] No. 20 published by the Customs, importers are required to provide additional information upfront when making customs declarations in China which could result in further scrutiny from Customs on the valuation of imported goods.
On 17 March 2017, China Customs published another guidance (Announcement [2017] No. 13 (Announcement 13)) that provides further changes and clarification to the price related disclosures.
The Finance and Taxation Working Group invited experts to share and explain:
- latest trends of Customs Audit on Royalty,
- new requirements of Customs Declaration Forms,
- how to effectively handle Customs Audit and/or self-disclosures,
- changes and developments of the PRC Customs environment,
- major revision on Customs Declaration Reporting Requirements, impact on supply chain, cases and what are the best practice for the enterprises to cope with the changes.
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