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From March 18, 2022, China will implement RCEP agreement tax rate with Malaysia
Recently, the ASEAN Secretariat, the depositary of the Regional Comprehensive Economic Partnership Agreement (RCEP), issued a notice that Malaysia has formally deposited its letter of approval with the ASEAN Secretary-General. according to the provisions of the agreement,
Recently, the ASEAN Secretariat, the depositary of the Regional Comprehensive Economic Partnership Agreement (RCEP), issued a notice that Malaysia has formally deposited its letter of approval with the ASEAN Secretary-General. According to the agreement, RCEP will enter into force for Malaysia from March 18, 2022. In order to strictly fulfill the commitments of the agreement and actively promote the full implementation of RCEP, the Customs Tariff Commission of the State Council issued an announcement to implement the first-year tax rate applicable to RCEP ASEAN member countries on some imported goods originating in Malaysia from March 18, 2022. According to the agreement, the subsequent annual tax rate will be implemented from January 1 of that year. So far, the number of effective members among the 15 signatories of RCEP will reach 12, and only the remaining three ASEAN member states, including Indonesia, Myanmar and the Philippines, have not yet taken effect.