New regulation for imported billets and wire rod from the Ministry of Commerce

In a letter received from the Ministry of Trade, Export General Directorate, it has been communicated that the following modification is deemed appropriate:

The provision in the second paragraph of the tenth subparagraph of the Inward Processing Regime Communiqué, which states:

-"In the case where the value of goods of billet and/or wire rod type imported between 01.03.2021-30.06.2022 (GTP: 7207.11, 7207.20.15, 7207.20.17, 7207.20.19, 7213, 7227) exceeds 50% of the total import value realized within the scope of DII, the DKO to be applied in the closure of export commitments of the relevant DIIIs shall be a maximum of 120%, provided that the entirety of the imported goods is used in the production of the processed product specified in the export commitment document and is exported within the specified period, with proof."

is to be amended as follows:

-"In the case where the value of goods of billet, wire rod, alloyed/unalloyed steel bars, and/or semi-finished goods of alloyed steel imported between 01.03.2021-30.06.2022 (GTP: 7207.11, 7207.20.15, 7207.20.17, 7207.20.19, 7213, 7214, 7224, 7227, 7228) exceeds 50% of the total import value realized within the scope of DII, the DKO to be applied in the closure of export commitments of the relevant DIIIs shall be a maximum of 120%, provided that the entirety of the imported goods is used in the production of the processed product specified in the export commitment document and is exported within the specified period, with proof."