In the Czech Republic, all enterprises and individuals can register for trade. They are free to import virtually all products. There are no licensing requirements except for certain items, such as fuels, arms and pyrotechnical products. There is no quota system to control imports of manufactured goods. The Czech koruna became fully convertible for business purposes in October 1995, and started to float freely in May 1997.
Companies can now purchase hard currency to import goods without limits.
The revised tariff system has become effective from January 1993, and is employed in the customs union formed between the Czech Republic and Slovakia. Imports from WTO members including Hong Kong, and from countries with which the Czech Republic has bilateral trade agreements, are subject to MFN rates. Excise taxes are levied on imports of gasoline, spirits, wine and tobacco products, etc. Since offshore trade has not been captured by ordinary trade figures, these numbers do not necessarily reflect the export business managed by Hong Kong companies. All rights reserved.