TAX

Taxing Times for China’s Cross-border e-Commerce Sector

22 September 2016

Haitao is a term frequently used in e-commerce circles. It refers to the growing practice of Chinese mainland consumers who shop from overseas-based websites and receive their goods via cross-border delivery services. More

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EU’s Efforts to Clamp Down on Tax Avoidance Strategies Swiftly Advance

02 September 2016

On 16 July 2016, Council Directive 2016/1164 laying down rules against tax avoidance practices that directly affect the functioning of the EU’s internal market was published in the Official Journal. Hong Kong companies may recall that the Directive, also known as the “Anti-Tax Avoidance Directive” forms part of the European Commission’s Anti-Tax Avoidance Package (the Package) that was presented in January 2016. More

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Doing Business with Cuba (2): Import Taxes

29 August 2016

Products imported into Cuba for consumption are generally subject to taxes such as (1) import duties; (2) sales tax; and (3) special tax on certain products. As for import duties, Cuba affords at least MFN tariff treatment to most of its trading partners, including WTO members and countries with which Cuba has signed a bilateral agreement. More

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Import Fee on Cotton and Cotton-Containing Products to Be Decreased

26 August 2016

The USDA’s Agricultural Marketing Service has issued a direct final rule lowering the assessments paid by importers of cotton and cotton-containing products under the Cotton Research and Promotion Order. More

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Argentina Extends Temporary Reduction of Excise Taxes on Certain Motor Vehicles, Boats and Aircraft

15 July 2016

The Argentinean government on 1 January 2016 significantly decreased the excise taxes in place on certain luxury products. More

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Cotton Import Fee Exemption Removed

30 June 2016

The U.S. Department of Agriculture’s Agricultural Marketing Service has issued a final rule that, effective 15 July, will remove the cotton import de minimis provision, which exempts importers from paying the cotton fee on cotton or cotton-containing products when the line item value is US$2.00 or less. More

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Changes to Merchandise Processing Fee under Consideration

25 March 2016

The U.S. government is considering a plan to restructure the merchandise processing fee in light of a provision in the Trans-Pacific Partnership that prohibits the MPF from being levied on an ad valorem basis. The MPF is currently assessed at 0.3464 percent of merchandise value for entries above US$2,500, capped at US$485 per entry. More

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European Commission Adopts Anti-tax Avoidance Package

18 March 2016

The European Commission has proposed an anti-corporate tax avoidance package, which could impact Hong Kong traders and those they supply to, active within the EU. The measures are intended to align corporate tax laws of the EU Member States, and to coordinate the EU Member States’ international action in the context of tax avoidance measures and treaties. More

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Argentina Eases Import Licencing Requirements, Lifts Foreign Exchange Controls, Removes or Lowers Export Taxes on a Range of Products

08 January 2016

The Argentinean government recently adopted a number of measures designed to reduce or eliminate economic distortions, re-ignite economic growth, and attract much-needed foreign exchange in the form of loans and investments. First, the government has overhauled the country’s import licencing system as part of its on-going efforts to reduce the complexity of foreign trade procedures and facilitate cross-border commerce. More

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AMS Proposes to Eliminate Cotton Import Fee De Minimis Provision

08 January 2016

The U.S. Department of Agriculture’s Agricultural Marketing Service is seeking comments by 11 January on a proposal to amend the Cotton Board Rules and Regulations to remove the cotton import de minimis provision. The Cotton Research and Promotion Program assesses a fee on U.S. cotton producers as well as importers of cotton and cotton-containing products. However, importers are exempt from paying the cotton import fee if a line item on CBP documentation is US$2.00 or less. More

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