China updates - new customs valuation declaration requirements

March 2016 | China

Prepare and consolidate your transfer pricing policies and royalty agreements in view off changes in customs declaration formalities

The China General Administration of Customs released an announcement of amendments to the format of the customs declaration forms. The amendments will result in the collection of additional information in relation to import transactions. Announcement 2016/20 was released on 24 March and is effective from 30 March. The below Trade Alert highlights the core areas covered by the amendment. Specifically, we look at the documentation or information needed to support declared import prices in light of the additional information now required in relation to special relationships and royalty payments. We also provide our observations and views on action plans that companies should consider.