ARTICLE · 02 JUNE 2014

New PRC Customs Valuation Regulations Promulgated

RSM Tax Advisory

Since China became a WTO member, the PRC General Administration of Customs has put a lot of efforts to align itself with the WTO's Customs Valuation requirements.

Hong KongTax

Lilian Poon

Since China became a member of World Trade Organization (WTO) in 2001, the PRC General Administration of Customs (GAC) has put a lot of efforts to align itself with the WTO's Customs Valuation requirements. This includes the execution of "Measures on the Dutiable Price of Imports" (GAC Order [2002] 95) on 1 January 2002 and "Measures on the Dutiable Price of Domestic Sales" (GAC Order [2006] 148) on 1 May 2006. Nevertheless, a lot of uncertainties still exist in the areas related to customs valuation on general trade imports, bonded domestic sales, customs special supervision zone as well as transactions between related parties.

To clarify some of the above unclear areas, the GAC released the following 2 new customs valuation regulations on the valuation treatment of bonded and non-bonded goods on 25 December 2013:

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New PRC Customs Valuation Regulations Promulgated

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