Boosting Trade: Gov’t Announces Customs Duties Exemption for Goods Under US$1,000

• 17 November 2023
• Local News
• 4167 Views

Prime Minister Hun Manet declared the waiver of customs duties on both imports and exports valued at less than US$1,000. This pivotal announcement was unveiled during the 19^th “Government-Private Sector” forum on 13 November 2023.

The PM’s visionary decision not only streamlines trade processes but also signifies a significant reduction in the customs clearance fee. From an initial 15,000 Riels, the fee has been slashed to 8,000 Riels per transaction for goods involved in export and import, valued below the US$1,000 threshold. Additionally, the government has opted to eliminate scanning fees for unsealed containers passing through the scanner.

Commencing 1 January 2024, the Royal Government will embark on a series of transformative measures to enhance trade efficiency:

• Introduction of rules and procedures for pre-arrival electronic reporting of goods and completing customs formalities.
• Implementation of rules and procedures for reporting goods and processing customs formalities in postal, express deposit, and cross-border e-commerce.
• Full automation of customs clearance procedures with integration into the Customs Tariff System (CVDS).
• Seamless connectivity for the automatic transmission of tariff data, tariff confirmation, and preferential tariff rates from CVDS to ASYCUDA.
• Introduction of a streamlined process for printing customs duty certificates and certificates of origin, with the provision for a paper form upon request.

This comprehensive strategy underscores the government’s commitment to modernizing and facilitating trade, propelling Cambodia into a new era of economic efficiency and global competitiveness.

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