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A Lesson from a Loss of 3 Million Dollars!!
October 23rd, 2008, China and Singapore signed the China-Singapore Free Trade Agreement and the both sides promised to reduce or cancel the tariff of some import/export goods for promotion of mutual benefits. The agreement has been implemented since January 1st, 2009.
It is important but always hard to know well about the changes of other countries' policies and regulations during the international trade. Sometimes these changes might impact your industry and business; sometimes they can lead a miss of great opportunities or even a big loss.
A world famous dairy products company, so called company A, is exporting Milk powder from Singapore to China and makes huge profit every year.
But now, according to "The People's Republic of China government and the Government of the Republic of Singapore Free Trade Agreement", signed by two governments at October of 2008, China Customs Changed the import tariff rate for exported product from Signore to China from 15% to 8%.
Upon the policies of China Customs, Company A can apply certificate of origin in Singapore for its milk product and submit this file to China Customs. Then Company A will be in compliance with the new tariff rate at 8%.
But there is very limited channel for Company A to collect this information. They remain the way as before to handle the Customs clearance with China Customs and keep using the original tariff rate, 15%.
Just half year, Company A has paid additional 3 million US Dollars as import tariff to China Customs which actually, should be the profit.
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