Signing of Memorandum of Cooperation
After six years’ of discussions, the Memorandum of Cooperation (MoC) to implement the marketing passport came into effect on 30th June 2016. Representatives from Australia, Japan, Korea, New Zealand and Thailand have signed the MoC. Singapore, a key participant of the ARFP working group, notably did not sign the Memorandum – although it’s expected that once certain tax arrangements are finalised Singapore will join the passport. Indeed, the Memorandum permits any APEC country that meets certain criteria to be included – whether before or following implementation in June. The ARFP Joint Committee had its first face to face meeting in Kuala Lumpur in November 2016, and its second meeting in Tokyo in April 2017. The next meeting is scheduled to be held in October 2017 in Thailand.
How Bovill can help
We can help you to get to grips with the ARFP’s rules and governing arrangements so that you are ready to benefit from the passport should Singapore sign the Memorandum.