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Import Duties (Consolidation) (Amendment) Act 2011

REPUBLIC OF VANUATU

IMPORT DUTIES (CONSOLIDATION) (AMENDMENT) ACT
NO. 12 OF 2011

Arrangement of Sections

Assent: 20/12/2011
Commencement: 01/01/2012

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IMPORT DUTIES (CONSOLIDATION) (AMENDMENT) ACT
NO. 12 OF 2011

An Act to amend the Import Duties (Consolidation) Act [CAP 91].
Be it enacted by the President and Parliament as follows-

1 Amendment
The Import Duties (Consolidation) Act [CAP 91] is amended as set out in the Schedule.

2 Commencement
(1) Subject to subsection (2), this Act commences on 01 January 2012.

(2) Item 5 of this Act is taken to have commenced on 24 October 2011.

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SCHEDULE
AMENDMENTS OF THE IMPORT DUTIES (CONSOLIDATION) ACT [CAP 91]

1 Schedule 1
Delete from the Schedule for each relevant tariff item in column 1 of the table the current rate of import duty set out in column 2 of the table, substitute the new rate of import duty set out in column 3 of the table.

TABLE

2 Schedule 1 –tariff item 2203.0000

Repeal the tariff item.

3. Schedule 1
   

Insert the new tariff items set out in column 1 and their descriptions and units set out in column 2 and 3 and the new rate of import duty set out in Column 4 of the table for each relevant tariff item in Column 1.

4 Schedule 2 –Clause 1(9)(a)
After “1994” insert “which states as follows:

Annex I: Interpretative Notes

General Note Sequential Application of Valuation Methods

1. Articles 1 through 7 define how the customs value of imported goods is to be determined under the provisions of this Agreement. The methods of valuation are set out in a sequential order of application. The primary method for customs valuation is defined in Article 1 and imported goods are to be valued in accordance with the provisions of this Article whenever the conditions prescribed therein are fulfilled.

2. Where the customs value cannot be determined under the provisions of Article 1, it is to be determined by proceeding sequentially through the succeeding Articles to the first such Article under which the customs value can be determined. Except as provided in Article 4, it is only when the customs value cannot be determined under the provisions of a particular Article that the provisions of the next Article in the sequence can be used.

3. If the importer does not request that the order of Articles 5 and 6 be reversed, the normal order of the sequence is to be followed. If the importer does so request but it then proves impossible to determine the customs value under the provisions of Article 6, the customs value is to be determined under the provisions of Article 5, if it can be so determined.

4. Where the customs value cannot be determined under the provisions of Articles 1 through 6 it is to be determined under the provisions of Article 7.

Use of Generally Accepted Accounting Principles:

1. “Generally accepted accounting principles” refers to the recognized consensus or substantial authoritative support within a country at a particular time as to which economic resources and obligations should be recorded as assets and liabilities, which changes in assets and liabilities should be recorded, how the assets and liabilities and changes in them should be measured, what information should be disclosed and how it should be disclosed, and which financial statements should be prepared. These standards may be broad guidelines of general application as well as detailed practices and procedures.

2. For the purposes of this Agreement, the customs administration of each Member shall utilize information prepared in a manner consistent with generally accepted accounting principles in the country which is appropriate for the Article in question. For example, the determination of usual profit and general expenses under the provisions of Article 5 would be carried out utilizing information prepared in a manner consistent with generally accepted accounting principles of the country of importation. On the other hand, the determination of usual profit and general expenses under the provisions of Article 6 would be carried out utilizing information prepared in a manner consistent with generally accepted accounting principles of the country of production. As a further example, the determination of an element provided for in paragraph 1(b)(ii) of Article 8 undertaken in the country of importation would be carried out utilizing information in a manner consistent with the generally accepted accounting principles of that country.”

5 Schedule 3, SECTION 1 ECONOMIC RELIEFS, X.5 (a)

(i) Delete “Director of Tourism” (first occurring), substitute

“Chairperson of the Committee”

(ii) Delete “Director of Tourism” (second occurring), substitute

“Committee”