With effect from August 1, the charge for each import and export declaration (TDEC) will be capped at $200 to further lower the cost of importing and exporting high-value goods to and from Hong Kong. The new measure will apply to goods imported, exported or re-exported on or after August 1.
The Legislative Council passed the Import and Export (Registration) (Amendment) Regulation 2018 (Amendment Regulation) today (June 20) to impose the cap of $200 on each TDEC.
The Secretary for Commerce and Economic Development, Mr Edward Yau, thanked the Legislative Council for the passage of the Amendment Regulation. He said, "The capping of TDEC charges will directly benefit the local trading and logistics industry through lowering the operating cost of import and export, encouraging the industry to move up the value chain and supporting the further development of businesses in trading, storage, logistics and distribution of high-value goods in Hong Kong, thereby strengthening Hong Kong's position as a trading hub.
"The cap on TDEC charges is expected to save the trade about $458 million a year and benefit about 900 000 TDEC cases each involving goods at a value above $1.644 million."
Learn more from the HKSAR Government Press Release