Joint Commitment of Singapore and Malaysia to establish a Special Economic Zone in Johor The signing of a memorandum of understanding on 11 January 2024 between Singapore and Malaysia reaffirms the longstanding ties and joint commitment by both countries to strengthen economic cooperation and the establishment of the Johor-Singapore Special Economic Zone (JSSEZ) which will be located in the state of Johor. Anticipated Tax, Customs & Trade Benefits While the JSSEZ is still in the…
Introduction Post-importation transfer pricing (“TP”) adjustments have always presented great challenge for multinational companies doing business in China due to the lack of formal nationwide mechanism which simultaneously addresses the tax, customs and foreign exchange administration requirements, in order to allow customs valuation adjustment to be made in response to a post-importation TP adjustment. While a TP and customs aligned approach which was introduced in a pilot program in Shenzhen in 2022 allows retroactive TP…
On 12 April 2021, the General Administration of Customs of China (“GACC”) issued Order No. 248, which sets out new requirements for the registration of qualified foreign food producers that are allowed to export food products to China, effective from 1 January 2022. This Order represents a significant move toward tightening up the regulation of foreign made food products imported into China. As the date of coming into force of the Order is fast approaching,…
On 16 May 2021, the People’s Republic of China (PRC)’s Customs Tariff Commission of the State Council (CTC) issued Circular [2021] No. 5 to extend the effective period for the second product exclusion list for the second batch of US products subject to Chinese retaliatory tariffs from 19 May 2021 to 25 December 2021. Click here to see the announcement. The exclusion list covers 79 products in total, including certain industrial chemicals, textiles, metals, electric…
China’s Export Control Law (“ECL”) came into effect on 1 December 2020, providing a framework to a series of separate administrative regulations on export controls issued prior to the law’s enactment. While no implementing rules or regulations under the ECL have been enacted since its passage into law, China’s Ministry of Commerce (MOFCOM) recently released Announcement No. 10 of 2021, on “Internal Compliance Guidelines on the Export of Dual-Use Items” (hereafter, the “Guidelines”) pursuant to Article…