South Korea revises import and export beer and liquor tax rates
On December 31, 2022, the Korean Ministry of Planning and Finance revised the "Liquor Tax Law" to adjust the tax rates for imported and exported beer and liquor.
The main contents include:
(1) The government calculates the tax rate according to the determined formula every year;
(2) Before December 31, 2023, if an enterprise imports and exports containers of 8 liters or more and sells them directly in individual packaging, the tax rate is 80% of the prescribed tax rate.
(3) Trade volume below 100 won is exempted;
(4) The revision will come into effect on April 1, 2023.
Lebanon adjusts the official fixed exchange rate against the US dollar, and the Lebanese pound depreciates by 90%
Reuters reported on January 31 that Lebanon's central bank governor Riad Salama announced that Lebanon will adopt a new official fixed exchange rate from February 1. The official fixed exchange rate of the Lebanese pound to the US dollar will be adjusted from 1507.5:1 to 15000:1. After adopting the new exchange rate, the Lebanese pound will depreciate by 90%.
While Lebanon has never formally imposed capital controls, banks have imposed controls on their own since 2019, severely limiting withdrawals in dollars and Lebanese pounds. Nor is the projected change in the exchange rate alleviating the pain point of Lebanese importers not being able to use their dollar savings freely.
Anti-dumping
GCC makes final tax decision on superabsorbent polymer products
Recently, the GCC International Trade Anti-Injury Act Technical Secretariat issued an announcement on the anti-dumping case of super absorbent polymers imported from China, South Korea, Singapore, France, and Belgium [Acrylic Polymers, infantry forms (super absorbent polymer)-mainly used for Baby or adult diapers and sanitary napkins, etc.] made an affirmative final ruling and decided to impose anti-dumping duties at Saudi Arabian ports for 5 years from March 4, 2023.
The customs tax number of the products involved in the case is 39069010, and the tax rate of the products involved in China is 6%-27.7%.
Anti-dumping
India makes final anti-dumping ruling on vinyl tiles
Recently, the Indian Ministry of Commerce and Industry issued an announcement to make an affirmative final ruling on the anti-dumping of vinyl tiles originating in or imported from mainland China and Taiwan, except for rolls and sheets, and suggested that the products involved in the above-mentioned countries and regions be levied Anti-dumping duty for 5 years.
This case involves products under Indian customs code 3918.
India revises entry order for high-risk food at designated ports
Recently, the Food Safety Standards Authority of India (FSSAI) revised the entry order of high-risk food at designated ports, and revised part of the order on October 17, 2022. The main content includes increasing the number of designated ports of entry from 61 to 75 and increasing the implementation date of the order for March 1, 2023.
