The much-anticipated Regional Comprehensive Economic Partnership (RCEP) officially came into effect on January 1. Recently, a number of affiliated companies under COSCO SHIPPING Logistics seized the opportunity of RCEP and successfully made for their clients the first import customs declaration under the RCEP conventional tariff rate scheme and applied for certificates of origin for exports to Japan so as to fully expose their clients to share the favorable policy of RCEP.
 

At 00:32 on January 1, PENAVICO Zhang Jiagang successfully made the first customs declaration under the RCEP conventional tariff rate mechanism for the first batch of import cargo declared in China after the RCEP came into effect, saving its clients about 80,000 yuan in tariff and VAT. On January 4, COSCO SHIPPING Logistics Jiangyin also applied for the first RCEP certificate of origin for its client. With this certificate, the tariff rate paid for this batch of yarn upon its arrival in Japan will be reduced from 8% to zero, saving the client a large sum in tax.
 

Before RCEP came into effect, the port units under COSCO SHIPPING Logistics strengthened communication with local customs, and visited many of its clients for tax education to help them take advantage of the preferential policies and facilitation rules in the agreement to the fullest extent. They also secured a number of client commissions to apply for the RCEP certificates of origin. Up to the January 11, COSCO SHIPPING Logistics had handled 24 certificates of origin for its clients, and helped them reduce a total of 554,000 yuan in tax for goods such as yarn, chemicals, garments, gloves, and glass products.
 

COSCO SHIPPING Logistics, as an active participant in the early pilot implementation of the policies, has made every effort to help its clients make the best use of RCEP to seize the favorable policy and better utilize the facilitation initiatives to build new competitive advantages and contribute to the stability of China's import and export.

Source: COSCO SHIPPING

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