Customs amendments to the working tariff and preferential duty rates, as well as the Trans-Pacific Partnership agreement, are coming into force over the holiday period.
Working Tariff and Other Changes Commencing on 1 January 2019 -
Reduction of Preferential Customs Duty Rates
The next scheduled reduction of preferential customs duty rates will occur on 1 January 2019 for the following agreements:
- the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA);
- the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP);
- the Korea-Australia Free Trade Agreement (KAFTA); and
- the China-Australia Free Trade Agreement (ChAFTA).
A full schedule of reductions under these free trade agreements has been provided online to your Customs Broker.
The Customs Amendment (Product Specific Rule Modernisation) Act 2018 (the Amendment Act) commenced on 14 December 2018.
The Amendment Act makes technical amendments to the Customs Act 1901 (Customs Act) to simplify the way that changes to product specific rules (PSRs) are given legal effect in customs legislation. The Amendment Act also makes a number of minor amendments to the Customs Act to implement certain provisions in various free trade agreements.
Full details and links on new approach to customs legislation and claiming preferential treatment can be obtained from the ABF website or by talking to your Customs Broker.
The Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) enters into force for Australia, Canada, Japan, New Zealand, Mexico and Singapore on 30 December 2018, and for Vietnam on 14 January 2019.
For the remaining Parties (Brunei Darussalam, Chile, Malaysia and Peru), the CPTPP will enter into force 60 days after they ratify. A Department of Home Affairs Noticewill be published when the entry into force dates for the remaining Parties are known.
A guide will be published on the ABF website on the newly created CPTPP page in time for entry into force on 30 December 2018. Talk to us at Colless Young for more information.