On July 7, President Trump announced revised tariffs rates for certain trading partners that will take effect on August 1 and extended the postponement of his “Liberation Day” tariffs. The revised tariffs were announced via letters to 14 countries and range from 25% to 40%. These actions come mere days before President Trump’s reciprocal tariffs, which were paused to allow for the negotiation of bilateral trade agreements, were due to resume on July 9 for…
Baker McKenzie’s Global Compliance News Blog published “Thailand: Human rights due diligence,” which can be viewed here.
Baker McKenzie’s Global Compliance News Blog published “Thailand: Guidelines for growing and importing cannabis and hemp from 9 June 2022,” which can be viewed here.
Baker McKenzie’s Global Compliance News Blog published “Thailand: Ministerial regulation on cannabis and other implementing regulations,” which can be viewed here.
Baker McKenzie’s Global Compliance News Blog published “Thailand: Updated list of formula of Thai traditional medicine containing cannabis and related requirements issued” which can be viewed here.
Baker McKenzie published “Customs Trader Portal introduced for Thai individuals operating customs formalities,” which can be viewed here.
In the midst of the COVID-19 situation in Thailand, a new Ministerial Regulation (Ministerial Regulation (No. 2) B.E. 2564 (2021)) sets a temporary measure during the period of 1 June to 30 September 2021 to reduce the duty surcharge rate to 0.25% per month for all importers and exporters who voluntarily disclose their errors by themselves and pay additional duty to Thai Customs. Under Customs Act, B.E. 2560 (2017), importers or exporters who fail to…
Singapore’s Ministry of Trade and Industry announced that on 9 April 2021, Singapore deposited its instrument of ratification with the Secretary-General of ASEAN and became the first country to complete the official process for ratification of the Regional Comprehensive Economic Partnership (RCEP) Agreement. It is understood that China, Japan and Thailand completed their domestic procedures to approve RCEP, but apparently have not deposited their instruments of ratification with ASEAN. RCEP is the world’s largest free trade agreement and…
Since it came into force more than three years ago, the Customs Department has endeavored to impose and amend departmental notifications and regulations in compliance with the Customs Act, B.E. 2560 (2017) (the “Customs Act”). However, due to the COVID-19 pandemic and the Revenue Department’s enforcement of the transfer pricing regulation in 2020, the Customs Department is now carrying out stricter post-clearance audits and is more likely to challenge importers on complex issues – meaning…
On December 16, 2020, US Department of the Treasury delivered to Congress the semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. Treasury determined that both Vietnam and Switzerland are currency manipulators. For each country, Treasury assessed, based on a range of evidence and circumstances, that at least part of its exchange rate management over the four quarters through June 2020, and particularly foreign exchange intervention, was for…