Thursday, 31 May 2018
Customs Tariff Proposal (No. 2) 2018
Customs Tariff Proposal (No. 2) 2018.
The customs tariff proposal that I have just tabled inserts a new concessional item into schedule 4 of the Customs Tariff Act 1995. The new concessional item, item 56, provides a free rate of customs duty for eligible clinical trial kits and for placebos used in clinical trials. Item 56 is part of the Australian government's commitment to growing international collaboration and investment in Australia's medical research industry. Item 56 brings the important requirements for clinical trial kits into line with industry practice. It does this by removing the requirements for importers to classify separately the medicaments and/or placebos in the kits. Removing this requirement will simplify the import process for these goods and maintain the integrity of the kits and the results of the clinical trial. The creation of item 56 is estimated to have a negligible impact on the revenue over the forward estimates period. Item 56 will commence on 1 July 2018 and will apply to eligible goods imported on or after this date and to goods imported before 1 July 2018, where the time for working out the rate of customs duty on the goods had not occurred before 1 July 2018.