Since the entry into force of the regional comprehensive economic partnership agreement (RCEP) on January 1 this year, the overall business of Shanghai Customs District has been in good condition. According to the statistics released by Shanghai Customs on the 23rd, as of February 15, Shanghai Customs District had accepted 466 RCEP preferential import declarations, with a value of 638 million yuan (RMB, the same below), and a tariff reduction of 11.73 million yuan, of which 98.5% were imported from Japan.
At present, more than 200 enterprises in Shanghai Customs District have benefited from RCEP tariff concessions. “After the implementation of RCEP, with RCEP’s Japanese certificate of origin, some of our imported products enjoy tax reduction or even zero tariff directly. It is conservatively estimated that more than 5 million yuan of tax can be saved in the whole year,” said Kenichi Tanaka, President of Fujifilm (China) Investment Co., Ltd
The entry into force of RCEP also breeds more new industrial opportunities and business growth points for enterprises. Baoshan Iron & Steel Co.Ltd(600019) non alloy steel hot-rolled coils imported from Japan also enjoy tariff concessions. Xu Gang, Vice Minister of transportation of the company, said: “we import non alloy steel hot-rolled coils from Japan every month. After RCEP takes effect, it is expected that more than 1.45 million yuan of tax can be reduced this year, which urges us to further expand the import scale.”
On March 18, RCEP will enter into force for Malaysia, and 12 countries will officially enter into force. Shi Min, director of the customs office of Shanghai Customs, said that Shanghai Customs will continue to do a good job in policy publicity and training, guide enterprises to make full use of facilitation measures such as the independent declaration of origin, and provide high-quality service guarantee for enterprises to enjoy the benefits of the agreement. (end)
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