VATupdate

Share this post on

Guide on Import Duty Refund for Importers under CPTPP Preferential Tariff Rates

  • The Customs Duties (Goods Under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership) Order 2022 came into operation on 29 November 2022.
  • The order was not gazetted until 30 December 2022.
  • Imports made between 29 November 2022 and 30 December 2022 on goods originating from CPTPP member jurisdictions had import duty paid.
  • The RMCD issued a guide on how affected companies can claim an import duty refund for these goods.
  • The guide outlines the procedures for applying for a refund, the deadline for application, the responsibilities of the applicant, and the templates for the relevant forms to be submitted.
  • Businesses need to be familiar with the requirements and deadlines for making a refund application.
  • Failure to comply with the documentation requirements may result in a delayed process or potential rejection of the refund.

Source: taxathand.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

Sponsors:

Advertisements: