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Feb 02

Ministry of Finance has further relaxed customs procedures for free trade zone goods in line with the July 2009 revision of the Act for the Establishment and Management of Free Trade Zones. The relaxation will benefit free trade zone companies that engage in business and trade activities, and facilitate development of the MICE (meetings, incentive travel, conventions, and exhibitions) industry.
The MOF indicates that its recent revision of the Regulations Governing Customs Clearance for Goods in Free Trade Zones primarily involves a relaxation of the rules for the shipping of tax-exempt goods from free trade zones to tax zones for exhibition. In the future, companies sending goods outside of free trade zones for exhibition will not be required to pay customs duties or put up collateral. The goods sent outside a free trade zone for this purpose can remain outside up to six months, and be returned to the free trade zone once the exhibit is over. Tax-exempt goods from free trade zones that are sent into tax zones for exhibit must still undergo customs clearance each time they are sent out, since this is not a regular or mass operation and thus is not suited to use of the monthly reporting mechanism.
At the same time, the Regulations were adjusted in line with the revised governing Act to eliminate the requirement for a certified public accountant to participate in the stock-check of inventories. Under existing customs clearance rules, free trade zone enterprises should have their annual inventories certified by a CPA; and when they go out of business, terminate or suspend operations, they should carry out a closing stock-check with a CPA present. This change in measures reduces operating costs for the companies concerned.

written by Good Earth


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