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Hong Kong Proposes to Halve Import/Export Transaction Costs (Sunnyvale, CA) - With an aim to boost external trade by reducing transaction costs, Hong Kong proposes to reduce its import and export declaration charges (TDEC) by half. The proposal which is subject to the Legislative Council's consent can save HKD 9,000 annually (on an average) for each company that lodges trade declarations. At present, individuals who import, export or re-export any article except for the exempted ones, require lodging an import or export declaration with Hong Kong's Commissioner of Customs and Excise within 14 days in addition to paying the TDEC. The TDEC for imported food items is HKD 0.5 per declaration regardless of value. For other imported goods and for all exports regardless of the origin, the charge is HKD 0.5 for the first HKD 46,000 worth of goods and HKD 0.25 for each additional HKD 1,000 or part thereof. Please call or email for more details. Get the latest press releases and updates on international tax, compliance, HR, finance and legal news at Nair & Co. Industry Alerts.

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Hong Kong Proposes to Halve Import/Export Transaction Costs  

With an aim to boost external trade by reducing transaction costs, Hong Kong proposes to reduce its import and export declaration charges (T...

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