Dec 2011The long awaited Customs Advance Valuation Rules are due to be released by the end of December 2011 and will take effect on 1 January 2012.
Given the limited coverage of the advance ruling regulation, most multinational corporations are likely to still need to adopt the "traditional" information price registration practice with Customs Commodity Price Information Office ("CPIO"). Companies are recommended to review and discuss their transfer pricing for cross-border transactions with Customs prior to any change of their business model or pricing methodology, to obtain consensus with Customs, establish good relationships, and streamline the import clearance. The informal review process can help companies address questions from Port Customs and assist in shipment clearance, even though CPIO will not issue a written ruling or notice indicating acceptance of the transfer prices.
