Aligning Related Party Import Prices with Customs Transaction Value Rules
Aligning related party import prices requires establishing prospective formula clauses in supply contracts that satisfy both tax profit margins and customs valuation decrees.
GACC Announcement 85
Meaning
A statutory requirement mandates the safety inspection and declaration of all hazardous chemicals entering or exiting the territory. This gacc announcement 85 applies to substances listed in the National Catalogue of Hazardous Chemicals. Customs officers verify that the chemical properties match the declaration documents.
Inspection Requirement
Importers and exporters must submit a declaration of conformity and a safety data sheet along with the traditional shipping documents. This gacc announcement 85 requires the inspection of every batch of hazardous chemicals at the port of entry or exit. The General Administration of Customs performs sample testing to confirm the classification of the goods.
Documentation must be presented in the Chinese language to facilitate the review by local officials.
Packaging Standard
The regulation demands that the inner and outer containers of the chemicals adhere to the National Standards for safety and labeling. This gacc announcement 85 stipulates that the GHS labels must be visible and accurate for the specific hazard class of the material. Specialized packaging materials are required for corrosive or flammable substances to prevent leakage during the transport process.
Verification of the packaging occurs during the physical examination at the customs warehouse.
Noncompliance Penalty
Failure to declare the goods or providing false information leads to the detention of the shipment and the initiation of an administrative investigation. This gacc announcement 85 imposes fines on the enterprise and the individual responsible for the inaccurate filing. Serious violations result in fines and the potential suspension of the import-export license or the lowering of the enterprise credit rating.
The port authority may order the immediate return of the goods to the origin at the expense of the shipper.