The Ministry of Finance’s circular, taking effect on October 1, 2014, stipulates procedures for declaration, collection, and payment of taxes as well as overdue interest, fines, and other charges on exports and imports.
The circular focuses on the e-payment of export-import duties with a view to minimise payment processes.
As reported by the Import-Export Duty Department, the e-payment of import-export duties has increased 10% to 63% after a circular was enforced.
At a meeting reviewing the circular on June 19, participants heard that it only takes 5 to 7 minutes for customs clearance using e-payment systems instead of the prior 30-minute wait time.
Businesses can pay duties at various locations, during or outside working times and on days off.
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As reported by the Import-Export Duty Department, the e-payment of import-export duties has increased 10% to 63% after a circular was enforced.
At a meeting reviewing the circular on June 19, participants heard that it only takes 5 to 7 minutes for customs clearance using e-payment systems instead of the prior 30-minute wait time.
Businesses can pay duties at various locations, during or outside working times and on days off.
