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CUSTOMS AMENDMENT REGULATIONS 2003 (NO. 9) 2003 NO. 319 - SCHEDULE 1
Amendment
(regulation 3)
[1] After regulation 182
insert
183 Matters to which the
Minister must have regard (subsection 269TAC (5E) of the Act)
(1) In this regulation:
"entity", in relation to goods, means each of:
- (a)
- the exporter of the exported goods mentioned in subsection 269TAC (5D) of
the Act; and
- (b)
- if the exporter of the goods is not the producer of the goods, but the
goods are produced in the country of export the producer of the
goods.
"government", of a country, means any level of government of the country.
(2) For subsection 269TAC (5E) of the Act, the following matters are
prescribed:
(a) whether the entity makes decisions about prices, costs, inputs, sales
and investments:
- (i)
- in response to market signals; and
- (ii)
- without significant interference by a government of the country of
export;
- (b)
- whether the entity keeps accounting records in accordance with generally
accepted accounting standards in the country of export;
- (c)
- whether the generally accepted accounting standards in the country of
export are in line with international accounting standards developed by the
International Accounting Standards Board;
Note
International accounting standards developed by the International
Accounting Standards Board can be found on the International Accounting
Standards Board website at http://www.iasc.org.uk/cmt/0001.asp.
- (d)
- whether
the accounting records mentioned in paragraph (b) are independently
audited;
- (e)
- whether the entity's production costs or financial situation are
significantly affected by the influence that a government of the country of
export had on the domestic price of goods in the country before the country's
economy was an economy in transition;
- (f)
- whether the country of export has laws relating to bankruptcy and
property;
- (g)
- whether the entity is subject to the bankruptcy and property laws
mentioned in paragraph (f);
- (h)
- whether the entity is part of a market or sector in which the presence of
an enterprise owned by a government of the country of export prevents market
conditions from prevailing in that market or sector;
- (i)
- whether utilities are supplied to the entity under contracts that reflect
commercial terms and prices that are generally available throughout the
economy of the country of export;
- (j)
- if the land on which the entity's facilities are built is owned by a
government of the country of export whether the conditions of rent
are comparable to those in a market economy;
- (k)
- whether the entity has the right to hire and dismiss employees and to fix
the salaries of employees.
(3) In assessing whether there is significant interference for
subparagraph (2) (a) (ii), the Minister must have regard to the
following:
- (a)
- whether a genuinely private company or party holds the
majority shareholding in the entity;
- (b)
- if officials of a government of the country of export hold positions on
the board of the entity whether these officials are a minority of
the members of the board;
- (c)
- if officials of a government of the country of export hold significant
management positions within the entity whether these officials are
a minority of the persons holding significant management positions;
(d) whether the entity's ability to carry on business activities in the
country of export is affected by:
- (i)
- a restriction on selling in the
domestic market; or
- (ii)
- the potential for the right to do business being withdrawn other than
under contractual terms; or
- (iii)
- if the entity is a joint-venture in which one of the parties is a
foreign person, or is carried on in the form of such a
joint-venture the ability of the foreign person to export profits
and repatriate capital invested;
(e) whether the entity's significant production inputs (including raw
materials, labour, energy and technology) are supplied:
- (i)
- by enterprises
that are owned or controlled by a government of the country of export; and
- (ii)
- at prices that do not substantially reflect conditions found in a market
economy.
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