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China and Hong Kong Launch Joint Cargo Clearance Initiative for Streamlined Customs Declarations.

HK

China and Hong Kong Launch Joint Cargo Clearance Initiative for Streamlined Customs Declarations.
HK

HK

China and Hong Kong Launch Joint Cargo Clearance Initiative for Streamlined Customs Declarations.

2024-11-29 13:00 Last Updated At:13:08

Official launch of Mainland-Hong Kong "Single Submission for Dual Declaration" Scheme on cargo

The General Administration of Customs of the People's Republic of China (GACC) and Hong Kong Customs have been promoting the development of cargo clearance facilitation between the two places, working together to extend their areas of cross-border co-operation. The two Customs administrations today (November 29) officially launched the Mainland-Hong Kong "Single Submission for Dual Declaration" Scheme on cargo, extending the coverage of the existing "Single Submission for Dual Declaration" Scheme on cargo to all land boundary control points connecting the Mainland and Hong Kong, enabling more enterprises to benefit from the completion of Customs declarations for both the Mainland and Hong Kong sides by making a single submission of road cargo information.

In November 2023, the two Customs administrations signed the Co-operative Arrangement on Smart Customs Development between the GACC and Hong Kong Customs, designating the "Single Submission for Dual Declaration" Scheme on cargo as one of the key co-operation projects. Subsequently, the two sides launched the Guangdong-Hong Kong "Single Submission for Dual Declaration" Scheme on cargo and its extended coverage in February and October 2024 respectively, covering cargo passing between the Mainland and Hong Kong through the Hong Kong-Zhuhai-Macao Bridge Port.

With a view to extending the scheme, the two Customs administrations recently launched a trial run of the Mainland-Hong Kong "Single Submission for Dual Declaration" Scheme on cargo, involving three participating enterprises, at the Shenzhen Bay Control Point and the Heung Yuen Wai Boundary Control Point. These enterprises submitted cargo information to the China International Trade Single Window. The cargo information was then encrypted and automatically sent to the Hong Kong Road Cargo System, from which the enterprises retrieved relevant cargo information for completing a local Customs declaration. The participating enterprises noted that the function of the scheme not only ensured the accuracy of cargo information declared for both the Mainland and Hong Kong sides but also helped them save time and manpower required for declarations and minimise operating costs.

Currently, the scheme applies to cargo imported from the Mainland to Hong Kong through all land boundary control points. Hong Kong Customs will continue to work closely with the GACC to further extend the coverage of the scheme to cargo exported from Hong Kong to the Mainland, thereby providing comprehensive coverage of road cargo clearance between both places.

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New Tax Reserve Certificate Interest Rate Set at 0.5500% Starting December 2, 2024

2024-11-29 12:00 Last Updated At:12:08

Interest rate for Tax Reserve Certificates adjusted

The Inland Revenue Department announced today (November 29) that starting from December 2, 2024, the new annual rate of interest payable on Tax Reserve Certificates will be 0.5500 per cent against the current rate of 0.7167 per cent, i.e. the new rate will be $0.0458 per month per $100.

Tax Reserve Certificates bear simple interest, and interest is calculated monthly (including part of a month) from the date of purchase to the date of payment of tax. Interest is only credited when certificates are used to pay tax, and no interest is due where the principal value of a certificate is repaid to its holder.

The rate of interest payable on Tax Reserve Certificates is reviewed every month based on the average prevailing interest rate for the 12-month time deposit for $100,000 to $499,999 offered by the three note-issuing banks.

The new rate will apply to all certificates purchased on or after December 2, 2024. Certificates purchased before December 2, 2024, will continue to earn interest at the rates prevailing on their respective purchase dates. Below is a summary of the interest rates for the past periods:

For certificates purchased on or after

0.8083 per cent per annum

June 5, 2023, and before August 7, 2023:

For certificates purchased on or after

0.8833 per cent per annum

August 7, 2023, and before September 4, 2023:

For certificates purchased on or after

0.9250 per cent per annum

September 4, 2023, and before June 3, 2024:

For certificates purchased on or after

0.8833 per cent per annum

June 3, 2024, and before October 7, 2024:

For certificates purchased on or after

0.8000 per cent per annum

October 7, 2024, and before November 4, 2024:

For certificates purchased on or after

0.7167 per cent per annum

November 4, 2024, and before December 2, 2024:

For certificates purchased on or after

0.5500 per cent per annum

December 2, 2024, until further notice:

Interest will cease to accrue after 36 months.

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