GHY Tradelines

An updated list of recently published government memorandums, notices, regulations and decisions for the week ending June 15, 2011 is now available on our website here.
 

(Globe & Mail)

The Conservative government and the Michigan governor’s office have secured a deal to build a second bridge between Windsor and Detroit – a historic accord aimed at unclogging North America’s most important trade artery after decades of setbacks. [...]

The agreement requires Canada and the United States to compromise on a hot-button subject: the rules stipulating where the material to build the bridge and associated U.S. infrastructure must come from. Canada would have preferred a no-restrictions approach to steel and other materials, while Michigan had favoured a “buy American” rule.

The tradeoff is that all iron and steel for any component of the bridge, or the approaches and customs plaza on the U.S. side, must originate from Canada or the United States. The measure is an attempt to reassure Michiganders who were warned by bridge opponents that the steel might come from cheaper overseas suppliers in China or South Korea. Read more here.
 

(Xinhuanet va Marketwatch)

China will cut tariffs on 700 imported goods this year as part of a structural reform of taxes on international trade, Jia Kang, the head of the Ministry of Finance’s Institute of Fiscal Science, was reported as saying by Economic Information Daily.

The tariff reductions will cover natural resources and goods that have high pollution emissions during the production process… He said sectors of the economy that have high pollution emissions during production should be encouraged to increase imports to reduce damage to the local environment.

China Vice Premier Hui Liangyu said in a forum last week the government would adjust trade tariffs and provide financing support to boost imports and achieve more balanced trade.

The Economic Information Daily also reported Mr. Jia as saying Beijing would provide export rebates to support the domestic high-tech industry, including giving a full tax refund to equipment manufacturers to support their oversea expansion.
 

(CBSA)

Although payment for JUNE, SEPTEMBER, DECEMBER 2012 monthly K84 statement will be due as usual on the last business day of the month, the Canada Border Services Agency realizes that some months have fewer days to arrange for payment thereby creating a challenge for clients.

Therefore, the CBSA will not issue a late payment penalty or charge interest if the payment is received on July 3, 2012, October 1, 2012 and January 2, 2013 before 16:30 local time (for Quebec January 3, 2013 before 11:30 a.m.). January 2, 2013 is a bank holiday in Quebec.

Should payments be received after the due dates noted above, they will be subject to interest and penalties effective July 3, 2012, October 1, 2012 and January 2, 2013 (for Quebec January 3, 2013).

Note – This also applies to Customs Self Assessment (CSA) importers. The customary month end Revenue Summary Form payment processes should be followed.

Future impact:  The payment due date and billing period procedures will remain in place until the implementation of the Accounts Receivable Ledger (ARL) scheduled for 2013.

Should you have any questions, please contact the Assessment Unit by email at:]assessment-cotisation@cbsa-asfc.gc.ca.