New Import Duty rates following ASEAN Japan Comprehensive Economic Partnership
- Posted by: fuad
- Category: Alert, Tax News
The Minister of Finance has issued regulation No. 18/PMK.010/2018 (“PMK-18”), regarding the Determination of Import Tariffs under the Framework of the ASEAN-Japan Comprehensive Economic Partnership.
Basically, PMK-18 formalizes the adjustment of Import Duty rates on the imports from Southeast Asia (ASEAN) countries and Japan following the ratification of the Economic Partnership. The regulation prescribes the list of import duty rates which shall be applicable for 2018 and onwards (the AJCEP rates).
The implementation of the AJCEP rates shall follow the regulations stipulating the procedures of import duty application under international agreements. In the condition that the normal rate is lower than the AJCEP rate, the normal rate shall apply.
This regulation came into force on 1 March 2018