Progress made towards paperless tax filing for customs clearance
A breakthrough has been achieved in simplifying the customs clearance and application process for imported goods. The Customs Administration under the Ministry of Finance has announced that the customs value determination of one-time transfer pricing may now be done electronically. Previously, compared to regular imports, importing under the one-time transfer pricing adjustment guidelines required importers to make additional annotations and provide extra documents, which increased compliance costs for the importers and necessitated customs review of the documents. ECCT members were actively involved in a pilot project to test the viability of a paperless import customs clearance procedure during which they provided input to the Customs Administration. Following the successful completion of the pilot, the Customs Administration officially implemented the new procedure. The paperless process is expected to result in significant time and cost savings for importers.