Proposed legislative amendments to implement $200 cap on import and export declaration charges
The Government put forward to the Legislative Council today (May 30) a notice of motion which proposes to amend the Import and Export (Registration) Regulations for capping the charge for each import and export declaration (TDEC) at $200.
The Secretary for Commerce and Economic Development, Mr Edward Yau, said the amendment would further lower the cost of importing and exporting high-value goods to and from Hong Kong, bringing direct benefit to the local trading and logistics industry and encouraging the industry to move up the value chain.
As announced in the 2018-19 Budget Speech, the proposal seeks to further the Government's strategic objective to develop Hong Kong into a trading, storage, logistics and distribution hub for high-value goods.
"There is strong potential for the Hong Kong cargo and supply chain management industry. Many high-value goods are re-exported and distributed through Hong Kong. The proposed cap is expected to save the trade about $458 million a year and benefit about 900 000 TDEC cases involving goods at a value above $1.644 million, further strengthening Hong Kong's position as a trading hub," Mr Yau said.
The Legislative Council Panel on Commerce and Industry at its meeting in April indicated its support for the Government's proposed legislative amendments.
The amendments, as set out in the Import and Export (Registration) (Amendment) Regulation 2018, will be introduced into the Legislative Council for approval by positive vetting procedures on June 20. Subject to the passage of the resolution within the current legislative session, the amendments will come into effect on August 1.
Ends/Wednesday, May 30, 2018