Revision of Foreign Trade Law imminent

A proposal for revising the Foreign Trade Law was signed by legislators and will be submitted for a vote in the Legislative Assembly, the president of the Third Standing Committee, Cheang Chi Keong, stated, according to TDM radio. One of the proposed revisions includes the introduction of the ATA Carnet, an international Customs document that permits the tax-free and duty-free temporary export and import of goods for up to one year, to replace import and export declarations, as mentioned in the Foreign Trade Law revisions proposal. The Temporary Admission of Goods (ATA Convention) introduced by the World Customs Association is followed in 85 countries, according to the Corporation for International Business, and although managed by the Macao Chamber of Commerce since 2010, it hasn’t been included in the foreign trade law until now, TDM Radio stated. The revision also establishes that the licence deadline cannot be more than 10 days for goods designed for special treatment, while defining fines between MOP5,000 and MOP10,000 in case of deadline expiry, with the goods being held by MSAR Customs, the proposed law states. With the proposed revisions the government hopes to ease the entry of goods for short periods of time that are destined for expos and conventions, according to the broadcaster.