Introducing the bill in Parliament for debate, Minister of Finance and Treasury Rick Hou said the bill was very important.
Mr Hou said the amendment of the bill will better facilitate the regular and timely updates of excise and export duties.
“To better facilitate and improve administration of tariff, excise and export regimes, an amendment of the Customs and Excise Act is necessary.”
He said trade was one of the very important aspects for a country’s growth and development.
“In fact the Solomon Islands economy has relied solely on the export and Import sectors, and more than 70% of total Government revenue comes from international trade.”
He explained that the amendment (changes) allowed Solomon Islands to adopt a new international system in a timely and planned manner.
“We would like to implement the updated 2012 version of the Harmonized Coding System (HS 2012).
“This is a comprehensive harmonised list of products that was the international standard for classifying goods for trade and related purposes.”
Mr Hou informed Parliament, most Pacific Island Countries and Trading Partners along with other Melanesian Spearhead Group members are already using HS2012.
He said Regional Free Trade Agreements will now be negotiated based on the version of the system.
By Elliot Dawea
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