(a) Substantial reductions of tariffs, the rolling back of tariff peaks and the removal of tariff escalation

As a result of successive rounds of multilateral trade negotiations, as well as regional trade agreements and autonomous tariff reduction initiatives, tariffs are continuously being lowered.

An attempt has also been made to translate the relevant Uruguay Round concessions into the Harmonized System tariff nomenclature of 1996.

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Many other agricultural products and processed agricultural products obtain only a partial reduction of the MFN duties.

Tariff concessions are granted for periods usually lasting 5 to 10 years, but sometimes as long as 15 to 25 years for major projects.

Tariff escalation will also decline.

Extensive negotiations are expected on the number of tariff bands, the criteria for setting such tariff bands and the modalities for reducing tariffs in each band.

2. goods enjoying duty reduction or exemption are transferred to others or for other uses upon approval

Also, while tariff barriers were coming down, non tariff barriers were going up many times over.

In cases where import goods, entitled to duty exemption or reduction whose use is under the supervision of the customs, are transferred or used for other purposes for which customs duties shall be paid, the customs shall calculate the value of the imported goods according to the time of depreciation after importation, and levy import duties on them.

Several emphasized the actual shortcomings of the agreements the lack of tariff cuts for 22 per cent of the sensitive imports for the developing countries, and the continued existence of tariff peaks, if not tariff escalation.

POST URUGUAY ROUND TARIFF PEAKS Even after the implementation of all Uruguay Round tariff concessions, a large number of peak tariffs remain in application in major developed and developing countries.

Developing countries that have been enjoying non reciprocal preferential market access have called for adequately addressing the erosion of preferences arising from the most favoured nation tariff reduction.

33. A further concern is the decline in tax revenues forecast for 1999, owing to the repeal of the Act on a Single Property Tax, tariff reductions, the ending of the commercial and agricultural enterprise tax, which is expected to occur in mid 1999, and the planned cut in income tax rates.

The taxpayer receiving the job salaries after October 1 can have the basic deduction of fees deducted based on the threshold of 5000 yuan per month, and the new tax rate schedule will be applied. Most of the taxpayers will enjoy different levels of tax reduction, especially the lower and middle income people, who will see more significant tax reduction.

They must also submit their financial statements to the Tax and Customs Administration if they wish to qualify for the reduced inheritance tax rate or if donors want their donations to be tax deductible (around 14,000 organisations do so in the Netherlands).

Little progress has been made on the tariff reduction formula.

The decisions relating to the improvements in market access for non agricultural products adopted at the Doha Ministerial Conference, inter alia, state that the negotiations in this area shall aim to reduce and, as appropriate, to eliminate tariffs, including through the reduction or elimination of tariff peaks, high tariffs, tariff escalation, and non tariff barriers, in particular those relating to products of export interest to developing countries.

India and South Africa laid their emphasis on special tariff concessions in favour of least developed countries within their respective subregional groupings.

Formulas for tariff cutting under NAMA should be determined expeditiously so as to drastically reduce tariff peaks and tariff escalations, with adequate SDT made available to developing countries.

The issue has been controversial, as agriculture exporting developing countries hold the view that addressing preference erosion might impede efforts aimed at most favoured nation tariff reduction.

Improving market access involved not only tariff reduction but also relaxation of non tariff barriers and rules of origin.

(a) Substantial reductions in all tariffs, the rolling back of tariff peaks and the removal of tariff escalation, which still affect a notable range of products and sectors

Reduction in each band would be based on linear cuts, with developing countries subject to lower cuts (two thirds of the developed country cuts), with the element of progressivity across the bands with higher tariffs subject to deeper cuts.

Discussion of the formula for tariff cuts was delayed pending the resolution of the methodology for calculating ad valorem equivalents.

Customs duty exemption or reduction will be granted by the customs upon finding conformity with the competent provisions.

The use of the Uruguay Round tariff cut formula7 and the Swiss formula,8 or their variants, has been discussed in the course of negotiations.

that for some watches have fallen to 50 , and will fall further to zero in a few years time

Taxes, revenues, uncollectible taxes and tax credits

Greenspan s irresponsible support of that tax cut was critical to its passage. The fault was not only in the magnitude of the tax cut, but also in its design by directing the cuts at upper income Americans, it provided little economic stimulus.

Several cases were mentioned where customs modernization had a significant positive impact on revenue collection. In fact, even in cases where tariff rates have been reduced, customs automation has more than offset the losses from these reductions, leading to an overall increase in duties collected.

Apart from questions of fairness, cutting top tax rates is an inferior way to increase spending, because the rich have a higher propensity to save. Tax reductions should be targeted specifically at the poor if one wants the money to be spent to stimulate the economy.

In cases where the taxpayers import or export goods, on which customs duties are exempted or reduced, they shall, unless otherwise specified, go to the customs with the related documents as specified to handle the examination and approval formalities related to the customs exemption and reduction, before the importation and exportation of the goods.

8 The Swiss formula produces steeper cuts on higher tariffs and leads to harmonization of tariff structures across the board.

Romney acknowledges that large spending cuts, along with the scheduled expiration of tax cuts at the end of this year, could throw the economy back into recession in 2013. But he vows to steer the economy from the fiscal cliff by extending the tax cuts enacted under George W. Bush, doubling down with a further 20 across the board cut in income tax rates and cutting the corporate rate from 35 to 25 .

Others stressed that the Doha Round should facilitate market access through appropriate tariff measures, scaling back of non tariff barriers, and agreement on rules of origin that are more cognizant of the conditions of these countries.

The ad valorem equivalents emerged as key, as they determine the level of the base rate to which tiered formula cuts will be applied for those products subject to non ad valorem duties.

In spite of the substantial progress in trade liberalization resulting from the Uruguay Round, there remain an important number of products and sectors where peak tariffs, relatively high effective protection and significant tariff escalation will persist even once all agreed concessions are implemented, and even if one takes full account of GSP concessions.

All presently applied tariff suspensions, as well as general GSP concessions as applied in favour of developing countries in 1996 97, were subtracted.

For goods over which customs duties are exempted or reduced as specified by laws, the customs will grant duty exemptions or reduction in line with the regulations.

28. A tax which has tended to reduce both income and wealth has been the gifts tax, which is on a graduated scale and integrated with estate duty.

Notwithstanding the efforts made in reducing quot tariff escalation quot and quot tariff peaks quot , these problems still remained.

It can be compared to a specialized library with books on trade related topics (i.e. tariff schedules para tariff measures non tariff measures import statistics).a The global aim of TRAINS is to increase transparency in international trading conditions.

Such gifts are subject to deduction of corporation tax, or income tax in the case of individuals