Chinese Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation jointly issued a notice that revokes the bonded treatment for steel materials imported under 78 tariff codes, with an effective date of 1 January 2015. With the notice on revoking the bonded treatment for steel materials imported under processing trade, enterprises importing steel materials under the processing trade regime need to consider the potential effect that these changes may have on operations even if the steel materials they currently import are not within the 78 tariff codes. Enterprises importing steel materials within the 78 tariff codes may want to consider an importation batch before 31 December 2014 to reduce the duty implications.
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