9/29/2011 12:47:00 PM
NEWS BRIEFS
Report: EU Fastener Importers Hit by Retro Duties
Courtesy Fastener + Fixing Magazine
Fastener distributors in the European Union are being notified by customs officials that 85% antidumping tariffs have been applied retroactively on fastener imports from Malaysia, Fastener + Fixing Magazine reports.
The move follows the official determination, dated July 27, 2011, that duties would apply to imports from Malaysia following an investigation on alleged circumvention of antidumping tariffs on Chinese steel fasteners.
Only eight of 19 Malaysian exporters who applied for an exemption were granted one.
Imports from all other Malaysian companies will be subject to the full 85% antidumping tariff currently applied to steel fasteners from China. That duty will be applied retroactively from October 2010, forcing importers to pay back duties.
“Exemptions are conditional on presentation to customs authorities of a valid commercial invoice, conforming to requirements set out in the Annex of the regulation,” Fastener + Fixing reports.
Imposition of duties has angered EU importers, who argue that they “carried out the best assessment they could” to verify that a factory was genuinely producing fasteners in Malaysia, according to Fastener + Fixing.
“Some suspended orders immediately (after) the investigation was announced but were unable to stop shipment of product already manufactured or containers already on the water.”
The Commission initiated its investigation on October 28, 2010, based on indications that significant volumes of fasteners produced in China were being routed via Malaysia to avoid the 85% antidumping tariffs applied in 2009 on imports of steel fasteners from China.
The World Trade Organization’s Appellate Body has rebuked the EU for its 85% tariffs on Chinese fasteners, ruling that the duties break international trade rules in many cases and should be revised to reflect non-market economy treatment. ©2011 GlobalFastenerNews.com
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