William book

Russian food Hong Kong
April 11, 2016, 7:53 am
Filed under: Russian food Hong Kong

 Russian food Hong Kong

Russian food Hong Kong

In order to promote investments to diversify their economies, issued a series of energy efficiency, nuclear engineering, aerospace technology, medicine and information technology industry in place, investors can benefit from the development of new products and technologies. Major preferential measures include profits tax and property tax are exempt from sales tax, reducing the rate of social security contributions and special customs procedures. For eligible research and development activities of the company, additional deduction of discount 150% research and development expenses to reduce taxable income or the increase of deferred income tax assets.

In order to encourage development and investment focus areas include pharmaceuticals, real estate, infrastructure, innovation and technology, aluminium, steel, lead, platinum group metals, precious metals, nickel, copper, zinc, coal, telecommunications, transportation, agriculture, food, and natural gas. Details of the investment environment and the relevant provisions, see Russia investment promotion centre (Centre for investment (investment Russia)) Web site.

In 2014, to enter Russia’s annual foreign direct investment fell by 70%, but still amounted to $ 21st 1 billion, with China accounting for $ 634 million. China Russia accumulated direct investment from $ 4.66 million US dollars from the end of 2005 to 2014 $ 8.7 to 1 billion. Hong Kong investment in Russia is rare.

Except in June 2010 and December 2013 to enter Hong Kong and Russia between the power of the air transport services agreement, completed the first round of negotiations of a comprehensive agreement for the avoidance of double taxation. In addition, Hong Kong and Russia were negotiating agreements on investment promotion and protection, in order to further promote bilateral investment and trade.

8 months before 2015, Hong Kong, Russia exported a total of 877 million $,41%, and from Russia imports amounted to $ 619 million down from 25% in the same period.


The current economic situation

Affected by the plunge in oil and other commodity prices and the ruble plunge and soaring interest rates dragged down, Russia’s economy remains grim. With sharp currency devaluation, investment, weak domestic consumption, as well as Russia and Western Ukraine deadlock problem, escalating sanctions and counter sanctions, economic damage. The other hand, the weak rouble made Russia’s credit rating falling in 2015, increasing the country’s foreign debt default risk, coupled with the strict budget, expects Russia economy shrank 3.6%.

United States Federal Reserve Board to raise interest rates at the end of 2015, expected funds in and out of Russia’s situation will be aggravated. In addition, Russia can go to Western countries with sanctions until early 2016, and will continue to pressure on exports and investment. However, given the low base and a moderate recovery of banking in May 2016, Russia may be the 0.6% of the economy rebounded.

Trade policy

Russia has opened a lot of business and trade system. Now Russia businesses and individuals may engage in trade, and does not require special registration procedures, and strict control of the past. They are free to import almost all of the products, some strategic commodities are still only a handful of products subject to import licensing and other controls, but the product has a relationship with Hong Kong is small.

Russia under the harmonized commodity description and coding system (the harmonized commodity description and coding system) to determine the customs classification. Jurisdiction of the Customs all goods entering the country must be declared to the Customs authorities of the Russian Federation. When the goods are delivered within 15 days of the submission to the Customs authorities need to return. Enter Russia customs customs territory of goods required to the appropriate tariff.

Import and export tariffs for the goods (ad valorem) a percentage of the customs value calculated according to euro cargo units of measurement or calculation and/or a mixture of both the above calculation, but in most cases, ad valorem tariffs, levied in accordance with percentage of the customs value of the goods. Most consumer goods, such as clothing, hardware, consumer electronics, watches and jewellery of Hong Kong enterprises, the applicable tariff rates from 5% to 20%. The other hand, oil products, copper and nickel, and several kinds of goods and products made of these materials, and must be subject to export tariffs. Russia very few anti-dumping procedures against Hong Kong products, Hong Kong is only a bearing to take anti-dumping measures, Hong Kong has not been Russia export or transit bearings, this measure has no effect on trade.

In addition to import tariffs, requires most imports of goods and services tax. Since January 2004, the standard VAT rate reduced from 20% to 18%. The other hand, the sales tax has been cancelled. Meanwhile, basic food and children’s product is a low rate of 10%, and some products and services, such as financial services and goods in transit from the VAT exemption.

Most of the imported goods, including consumer products, must comply with applicable Russia safety standards. Entering the customs territory of goods, is usually required to produce certificates issued by the standards and measurement Committee of the Russian Federation (GOSSTANDART, referred to as GOST) or its authorized agency certificate (conformity GOST-r certification, referred to as COC).

After 19 years of negotiations, Russia on August 22, 2012, to join the World Trade Organization. Their WTO commitments, Russia is one of reducing tariffs on products such as overall tariff ceiling for the (that is permitted by the WTO, imported from another Member State when any Member State "bound tariff rates," or the highest tariff rate), an average of 10% per cent to 7.8%, starting in 2011. Hong Kong enterprises is of particular concern, computer hardware and peripherals, telecommunications equipment, semiconductor manufacturing equipment, certain information technology products, such as semiconductors and electronic components, will be Russia’s accession after 7 years are exempted from import taxes.

In addition to tariff reduction, Russia also promised to improve the trading environment laws, respect for intellectual property rights, implementation of the WTO Member States and signed the agreement on trade-related aspects of intellectual property rights protection. From the date of accession, will affect trade in goods or services through the country, intellectual property law, must be published in the relevant legislation, and for the Member States to express their views at least a 30-day consultation period. This will enable Russia’s regulatory system and the enforcement procedures more open and easier to predict.

Services, Russia signed a general agreement, pledged to continue opening up the services market to foreign companies. For example, Russia’s accession after 4 years, will cancel the foreign telecom companies accounted for 49%, shall not be restricted. Meanwhile, foreign insurance companies, banks and dealers can also more easily with 140 million Russia market of the Internet population.

The other hand, Russia, Belarus and Kazakhstan set up a Customs Union agreement signed in November 2009, a basket, a common external tariff is introduced in early July 2010, on January 1, 2012, a "common economic space" for goods, services, capital and the free flow of labor between the 3 members. Subsequently, Belarus, Kazakhstan and Russia signed the Treaty on May 29, 2014, set up a "Euro-Asian economic community", the Treaty entered into force on January 1, 2015, Armenia and Kyrgyzstan has acceded to the European Union Treaty was signed on October 9, 2014 and December 23, 2014, on January 2, 2015 and August 12, 2015, respectively, the official added.


Hong Kong and Russia trade

In 2014, Russia’s exports totaled US $ 2.3 to 1 billion, by 2015 from 6% the first 8 months, while that of domestic exports decreased by $ 877 million, down by 41%. January 2015 to August, Hong Kong’s exports from Russia mainly include telecommunications equipment, parts and components (total 47%), computers (11%), toys, games and sporting goods (5%), semiconductors and electron tubes (4%), jewelry (4%), pearls, precious and semi-precious stones (3%), as well as electrical equipment (3%) circuit.

The other hand, in 2014, from Russia into products reached US $ 1.2 to 1 billion in 2015, up 13%, 8 months before the US $ 619 billion, 25%. January 2015 to August, from Russia imports of products main Hong Kong jewelry (accounted for 34%), Pearl and gem and half gem (21%), inorganic chemical, organic and inorganic precious metals compounds (13%), iron and steel wire and Rod, and angle material, and configuration file and part material (7%), and not coal (5%), silver and Platinum (4%), and not animal material of processing key (3%).