China will impose taxes on imports of light cycle oil, mixed aromatics and diluted bitumen beginning June 12, to curb imports accused of polluting the environment and exacerbating a fuel surplus, according to a May 14 statement, Reuters reported. A 1.52 yuan (0.24 cent) per liter consumption tax on imported LCO and mixed aromatics will be implemented, while a 1.20 yuan per liter levy will be set on diluted bitumen. The new trading barrier will inflate the cost of buying the fuels from regional suppliers who have in recent years sold China record volumes of these goods, taking advantage of tax loopholes, Reuters reported.
The U.S. Department of Agriculture Foreign Agricultural Service released a report May 11 on Vietnam’s new national standard for poultry meat imports that took effect earlier this year. The revised standards include new definitions and requirements for raw materials, production, food safety, quality, labeling, packaging, transportation and more. It also includes a “zero tolerance” for salmonella on chilled poultry meat, USDA said.
Myanmar's military has built an economy largely centered around a limited number of institutions created by its Defense Ministry, cementing the military's role at the center of the Southeast Asian state's economic dealings. A new report from Bloomberg takes a look at how the military class skirted Western sanctions. Driving the military's continued hold on the economy are two Defense Ministry-founded and -operated conglomerates, Myanmar Economic Holdings Public Co. Ltd. and Myanmar Economic Corp. The two companies employ thousands of civilian and military personnel, control various domestic industries and offer a variety of essential goods for the citizenry, Bloomberg reported. According to analysts, this structure means the wave of sanctions relating to the military takeover of the country in February have a minimal effect.
The Singapore Customs TradeNet will undergo system maintenance May 23 4 a.m. to 4 p.m. local time, it said May 7. Singapore Customs advised users to avoid submitting applications during this time. This is in addition to the usual 4 a.m. to 8 a.m. Sunday maintenance.
China recently announced that public science museums, natural museums and planetariums are exempted from import duties and value-added taxes when importing certain goods, the Hong Kong Trade Development Council reported May 7. The exemptions, which last through Dec. 31, 2025, will apply to certain copies of hard drives carrying science films and “popular science equipment, exhibits, special software and other items for own use” that domestic manufacturers can’t produce.
Vietnam's Ministry of Industry and Trade decided to continue collecting antidumping duties on certain aluminum products from China, following a review of the antidumping policy, Vietnam's trade-related news agency CustomsNews said in a May 3 report. The aluminum products will be subject to a duty rate ranging from 4.39% to 35.58% -- up from a floor of 2.49% when the duties were implemented on Sept. 28, 2020.
India is now requiring first-time importers, exporters and customs brokers to officially verify their identities with the government, the Hong Kong Trade Development Council reported May 3. All traders and brokers must “complete the process of verification” within 30 days of “first “engaging in import/export activity,” HKTDC said, which likely includes providing customs authorities with bank statements, company incorporation documents and “other proofs of a satisfactory financial standing.” The country may fine traders who don’t comply and revoke their “specified customs benefits.”
Singapore's State Courts fined a Singaporean national, Suhaily Binte Sajili, $9,000 for making a false declaration on an export permit, Singapore Customs announced in an April 29 news release. Sajili is the director of freight forwarding company Mac Cargo, and pleaded guilty to making the false declaration in an attempt to smuggle two luxury vehicles from the city-state into Indonesia. The export permit for the vehicles indicated “13.98 tonnes of refractory bricks.”
Vietnam Customs seized 25 boxes containing 500 kg of sturgeon brought illegally through China, the agency announced April 28 via its news operation CustomsNews. The individual caught with the shipment said he bought the sturgeons from China, then was hired to transport them to Vietnam. The confiscations took place April 24 at the Po Hen Border Guard Station.
Australia simplified its rules for its Export Market Development Grants program to help small and medium-sized companies more easily access export funding, the country said April 28. The new rules will feature a “simpler” application process with less frequent submissions and a new online application portal. The simplified program will help exports better “compete and succeed internationally,” Dan Tehan, Australia’s trade minister, said in a statement.