Customs Administration stated that“Directions of Customs Value Determination of One-time Transfer Pricing in Fiscal Year”has gone into force on January 1,2020. All Customs Offices have announced that, in accordance with Article 7 of the Directions, the competent unit shall be the Import Division. Businesses may send their clearance application to any Customs service premises in person or by post within one month after the end of fiscal year.
Customs Administration also stated that profit-seeking enterprises must fill out the“Application for paying a deposit to release imported goods”(deposit application) according to Article 3 of the Directions in order to apply for paying the deposit for the imported goods to be released. To meet the requirements for the deposit application, Customs Administration amended the fields such as the deposit application items, declarations matters, and legal basis of the deposit application form, and added related items such as a checkbox for“apply for one-time transfer pricing in fiscal year”. In addition, on item 2 of the notification field, applicants are reminded to submit the deposit application and related materials within one month after the end of the fiscal year.
Furthermore, the code “138: With special relationship, apply for one-time transfer pricing in fiscal year to finalize customs value” is added to column 26, which is the special relationship field of the import declaration form. This serves as notice of the amendments and additions, and an official order of implementation will be announced in the near future.