Explanatory Memorandum(Circulated by authority of the Minister for Justice and Customs, Senator the Honourable Amanda Vanstone)
General outline and financial impact
The purpose of this Bill, which includes three schedules, is to enact a range of amendments to the Customs Tariff Act 1995 (the Customs Tariff).
Schedule 1 implements the Government's decision to remove the customs duty from 268 so called 'nuisance tariffs'. 'Nuisance tariffs' have a duty rate of 5% or less, each attracted less than $100,000 revenue in financial year 1996-97 and cover goods where there are few or no local producers.
The Schedule also inserts an additional note in Chapter 57 of Schedule 3 to the Customs Tariff to direct that all tufted carpets be classified to heading 5703.
Schedule 2 imposes an excise equivalent duty on imported toluene and similar chemicals which may be used in fuel substitution activities.
Schedule 3 inserts a 1 January 2005 phasing rate of duty for automatic voltage regulators of subheading 9032.89.11. This amendment corrects an oversight in the application of the post 2000 passenger motor vehicle tariff arrangements which were legislated in Act No. 141 of 1999 ( Customs Tariff Amendment (ACIS Implementation) Act 1999) .