Import and export policy of the Federated States of Micronesia

Customs management regulations

The 2014 Customs Law of the Federated States of Micronesia stipulates that all goods imported into the Federated States of Micronesia for resale will be subject to customs duties. Customs duties are collected by the Customs and the Bureau of Revenue, but the processed raw materials for re-export are exempt from customs duties, which are levied first and then refunded. The processed products are also exempt from export taxes for export, but the equipment imported for investment in processing export goods and packaging materials are subject to customs duties. The current tariff rates for imported goods in the Federated States of Micronesia are as follows:

(1) A 3% ad valorem tax is levied on food ingredients, and a 25% ad valorem tax is levied on fresh or frozen fish and seafood;

(2) A 50% ad valorem tax is levied on tobacco products (excluding cigarettes), with the price of each cigarette being US$0.025, and the price will increase by US$0.005 on January 1 of each year in 2007, 2009, 2011, 2013 and 2015;

(3) Citrus fruits, cigarettes, perfumes, cosmetics and cosmetics are subject to an ad valorem tax of US$0.005 per cigarette. 25% ad valorem tax on toiletries, soda, beverages, beverage accessories, coffee, tea, non-alcoholic beverages, beer, malt beverages, wine, and laundry soap;
(4) 30% ad valorem tax on wine;

(5) $0.05 per gallon of gasoline and diesel fuel;

(6) $0.25 per 12 fluid ounces of beer and malt beverages;

(7) $12 per gallon of distilled alcoholic beverages;

(8) All other imported goods are subject to a 4% ad valorem tax. However, for inbound travelers, according to state regulations, each person may bring into the Federated States of Micronesia duty-free for personal use (not for sale) according to the following limits per entry: 200 cigarettes; one pound of tobacco or 20 cigars; 52 ounces of wine or 1500 milliliters of distilled alcoholic beverages; other goods within $200;

(9) Import duties are levied based on the FOB value of the goods. Damaged, lost and exported goods can apply for tax exemption, but you need to fill in the tax exemption application form. All imported goods must be cleared within 15 days of arrival, otherwise a 10% fine will be imposed. If the tax is not paid for more than one month, an additional 10% fine will be imposed each month. All imported goods must be subject to inspection, but perishable goods can be cleared quickly.