Japanese cars to be freed from customs tax
Japanese cars are to be freed from customs tax.
Japanese cars are to be freed from customs tax. In the framework of the Mongolia-Japan Economic Partnership Agreement which becomes effective in June, 5700 types of Mongolian goods and 9300 types of Japanese goods will be exempted from the customs taxation. Accordingly, the import taxes on Japanese cars will also be exempted. It should, however, be noted that the customs tax regulation applies only to cars which have been in Japan for no more than three years; cars which have been on the road for 4-6 years will carry a tax reduction – older vehicles will face no such exemption. The annual balance of trade between the two countries is estimated at around USD 300-500 million; this represents 3%-4% of Mongolia’s total international trade. Under the new “Economic Partnership Agreement”, it is expected that this percent will increase by 50%-60%, over the next two years.
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