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2012, May 23

New System to Help Asean Exporters Cut Cost

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New System to Help Asean Exporters Cut Cost

by CFO Innovation Asia Staff, 19 November 2010
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Accounting and Regulations Tax
tags:
customs exporters exports tariff
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Hundreds of exporters in the Southeast Asian region stand to save millions of dollars every year under a new Asean self-certification scheme that will be fully implemented in 2012, reports the Straits Times.

 

Under the new system, certified exporters can self-declare that their products have met the Asean origin criteria, guaranteeing that they were manufactured locally, says the Times. Once they have met the origin criteria, exporters can then receive preferential tariff when exporting within the Asean region.

 

"We can see this project is a new breakthrough for custom documentation as it saves us not just the cost, most importantly the efficiency," Chan Huan Siong, regional logistics manager of Singapore Cables Manufacturers Pte Ltd, told the Times. With the new scheme, 850 exporters in Singapore will save S$1 million annually, says the Times.

 

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Making Asean exports easier
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