The consignee is the entity that takes ownership or responsibility of the goods once they have been cleared. In cases where the imported goods belong to the company in-country and are for internal use or storage, the consignee can act as an importer.
What is Trade Compliance?
International trade compliance refers to the adherence to laws, trade regulations, sanctions, and standards that govern the movement of goods across international borders. Effective trade compliance is crucial when navigating the global supply chain.
What is an Export License?
An export license is a document granting the holder permission to act as an exporter of specific goods, allowing the holder to conduct export transactions within the limits of their specific license. Different countries have several conditions that need to be met to qualify.
What is Import/Export Compliance?
Import/export compliance is a set of rules and procedures that need to be followed when either bringing goods into or out of a country. They are necessary to ensure you meet the legal requirements set out by the local governments and enforced by customs authorities.
How are custom duties calculated?
The way in which customs duties are calculated varies from country to country. Generally, these duties are calculated as a percentage of the value of the goods being shipped, but exact figures depend on the ECCN number and HS code of the specific product. The valuation of the goods may also differ from country to country, with some requiring the commercial value of the goods to be used while others only require purchase value. In our Global Capabilities section, we delve into the country-specific tax structures.
How do you Calculate Vat on International Shipments?
VAT is calculated as a percentage of the total invoice value, including shipping costs, based on the destination country’s rate.
What is power of Attorney in Custom Clearence?
A POA in customs clearance allows a third party to act on behalf of an importer or exporter in customs-related matters.
Why is VAT important in International Shipping?
VAT is crucial for compliance with local tax laws, avoiding fines, and ensuring the smooth delivery of goods across borders.
What is the role of a customs broker?
A customs broker, sometimes referred to as a customs agent or a customs services provider, is a company contracted to make sure the customs declaration is correct, duties and taxes are provided accurately, and payment is received so that goods can transit across borders smoothly and without disruption. On top of this, a specialized customs service provider or a strategic customs partner should also be able to provide a centralized customs solution and offer strategic consultancy and advisory services. This can help your company to continuously improve its customs operations and influence your strategic direction.
What is a customs declaration?
A customs declaration is an official document that lists and gives details of goods that are passing a customs border, being imported or exported. In today’s world, this document is submitted electronically.
