The National Retail Federation last week urged Congress to review and revise controversial rules on the importation of wood products and plant material that retailers fear could lead to unfair government seizure of merchandise ranging from furniture to musical instruments. “Retailers recognize the need for environmental conservation but the current law leaves them guessing on [...]
The National Retail Federation last week urged Congress to review and revise controversial rules on the importation of wood products and plant material that retailers fear could lead to unfair government seizure of merchandise ranging from furniture to musical instruments. “Retailers recognize the need for environmental conservation but the current law leaves them guessing on which products are legal and which aren’t,” NRF President and CEO Matthew Shay said. “Congress needs to carefully review the Lacey Act to ensure that the goal of eliminating illegal logging is its primary objective, not penalizing businesses that are doing their best to comply with an unworkable law.”
Shay commented as a subcommittee of the House Natural Resources Committee prepares to hold a hearing this afternoon on legislation that would reform portions of the law. Laurie Everill, regional customs compliance and operations manager for NRF member IKEA-North America, is scheduled to testify to the Subcommittee on Fisheries, Wildlife, Oceans and Insular Affairs on the challenges facing companies seeking to comply with the law, and changes sought by NRF to address those challenges, improve enforcement and compliance with the law, and support its goal to end illegal logging.
At issue is the Lacey Act, a century-old environmental law originally directed at illicit trade in threatened and endangered animals. Congress expanded the law in 2008 to ban trade in products containing illegally harvested wood or plant material. Those changes also require importers to document the genus, species and country of harvest of any wood or plant material contained in an imported product. The Justice Department considers merchandise containing illegally harvested wood or plant products to be contraband, possession of which can result in fines, imprisonment, and seizure and forfeiture of the goods.
A true “meeting of the minds” for tax and finance executives concerned about staying abreast of the latest international transfer pricing developments and needing specific guidance on effective transfer pricing strategies to minimize taxes and avoid costly penalties. Learn from leading international tax experts in accounting, law, economics and industry. Topics include: • The International Traders’ [...]
A true “meeting of the minds” for tax and finance executives concerned about staying abreast of the latest international transfer pricing developments and needing specific guidance on effective transfer pricing strategies to minimize taxes and avoid costly penalties.
Learn from leading international tax experts in accounting, law, economics and industry. Topics include:
• The International Traders’ Trifecta: International Tax, Transfer Pricing & Integrated Supply Chains
• Transfer Pricing Controversy Management: Navigating CRA’s New Audit Protocol, Competent Authority Arbitrations & Tax Risk Reporting
• “Distribution Centre Dilemma: Canada Border Services Agency Customs Valuation Policy and Business Reality Sometimes Clash”
• 10 GST-HST Nuggets to Think About When Addressing your Transfer Price
Don’t miss this one day seminar – seating is limited! Register now and receive the MEMBER EARLY BIRD discount (IE Canada members only, expires May 30th)!
Start Date: Thursday June 14, 2012
Start Time: 8:30 AM End Time: 5:00 PM
Location: Offices of Bennett Jones, LLP, Suite 3400, 1 First Canadian Place, Toronto, ON
(Health Canada) Health Canada is currently conducting a consultation on the creation of the proposed Administrative Monetary Penalties (Consumer Products) Regulations under the Canada Consumer Product Safety Act. (CCPSA). These proposed Regulations are meant to further clarify the CCPSA provisions of the administrative monetary penalties process on matters such as classifying violations, fixing penalties, and [...]
(Health Canada)
Health Canada is currently conducting a consultation on the creation of the proposed Administrative Monetary Penalties (Consumer Products) Regulations under the Canada Consumer Product Safety Act. (CCPSA). These proposed Regulations are meant to further clarify the CCPSA provisions of the administrative monetary penalties process on matters such as classifying violations, fixing penalties, and the circumstances under which penalties may be increased or reduced. For more information on this proposal, please visit the Canada Gazette.
At the stroke of midnight, a planeload of flowers – an important export for Colombia – left Bogota to become the first shipment under the deal. Later on Tuesday, a Harley-Davidson motorcycle was set to be unveiled as one the first U.S. exports to Colombia as part of the agreement. Both countries hope the deal [...]
At the stroke of midnight, a planeload of flowers – an important export for Colombia – left Bogota to become the first shipment under the deal. Later on Tuesday, a Harley-Davidson motorcycle was set to be unveiled as one the first U.S. exports to Colombia as part of the agreement.
Both countries hope the deal will boost mutual exports and investments, as well as underpin the two countries’ close political ties. Colombia has long been seen as one of the United States’ staunchest allies in the region.
U.S. Customs and Border Protection has announced the next meeting of the Advisory Committee on Commercial Operations of Customs and Border Protection (COAC). When: May 22, 2012, 1 pm to 5 pm, EST Where: Hyatt Regency Savannah Hotel, Savannah, Georgia If you are interested in attending, you must register to attend either in-person or via webcast. [...]
U.S. Customs and Border Protection has announced the next meeting of the Advisory Committee on Commercial Operations of Customs and Border Protection (COAC).
When: May 22, 2012, 1 pm to 5 pm, EST
Where: Hyatt Regency Savannah Hotel, Savannah, Georgia
If you are interested in attending, you must register to attend either in-person or via webcast. Registration is open until May 18, 2012.
U.S. Customs Border Protection doubled the number of its centralized compliance facilities on May 11, announcing two more centers of excellence and expertise aimed at the petroleum and automotive/aerospace industries. Acting CBP head David Aguilar said the agency will Centers of Excellence and Expertise (CEE), will create a Center of Excellence and Expertise (CEE) for [...]
U.S. Customs Border Protection doubled the number of its centralized compliance facilities on May 11, announcing two more centers of excellence and expertise aimed at the petroleum and automotive/aerospace industries.
Acting CBP head David Aguilar said the agency will Centers of Excellence and Expertise (CEE), will create a Center of Excellence and Expertise (CEE) for Automotive and Aerospace in Detroit and another for Petroleum, Natural Gas and Minerals in Houston.
CBP began the program last October, establishing CEEs for the information technology and consumer electronics industry in Los Angeles and pharmaceuticals, health and chemicals in New York.
Canada stands out amongst mature economies in anticipated merger and acquisitions (M&A) activity over the next three years according to research from the latest Grant Thornton International Business Report. The results from the 2012 report show that 42% of Canadian businesses surveyed said they plan to grow through acquisition. These numbers are consistent with historically [...]
Canada stands out amongst mature economies in anticipated merger and acquisitions (M&A) activity over the next three years according to research from the latest Grant Thornton International Business Report. The results from the 2012 report show that 42% of Canadian businesses surveyed said they plan to grow through acquisition.
These numbers are consistent with historically high figures over the past five years in Canada. However, around the world, the IBR results show that business appetite for M&A has markedly increased over the past 24 months, despite on-going global economic challenges. The survey reveals that the overall proportion of businesses seeking to grow through M&A has risen significantly from 26% in 2010 to 34% in 2012.
Compliance News: Twitter Weekly Updates for 2012-05-06: Compliance News: Twitter Weekly Updates for 2012-04-29: … http://t.co/RVD4CjfC # Compliance News: Canada Has Two Kinds of Trade Relationships: One with the United States, Another with the Rest … http://t.co/niVtx0DR # Canada Has Two Kinds of Trade Relationships: One with the United States, Another with the… http://t.co/Td2NelJa # [...]
- Compliance News: Twitter Weekly Updates for 2012-05-06: Compliance News: Twitter Weekly Updates for 2012-04-29: … http://t.co/RVD4CjfC #
- Compliance News: Canada Has Two Kinds of Trade Relationships: One with the United States, Another with the Rest … http://t.co/niVtx0DR #
- Canada Has Two Kinds of Trade Relationships: One with the United States, Another with the… http://t.co/Td2NelJa #
- Twitter Weekly Updates for 2012-05-06 http://t.co/9okgaZd6 #
- Take our poll: is the Buy America policy hurting NAFTA? http://t.co/rLIMCN18 #
- News from CBSA 25th apprehension of “Wanted by the CBSA” individual: National http://t.co/aaZQrowW #
- News from CBSA CBSA officers at the Montréal mail processing centre seize 2 kilograms of suspected heroin: Prose… http://t.co/YjAq4oyD #
- Compliance News: “Buy America” Exceptionalism: For nearly 80 years, dating back to the Depression-era Buy Americ… http://t.co/qqnOoNYS #
- “Buy America” Exceptionalism http://t.co/0Z4GPvLQ #
- @nguyener0127 Thanks for the RT on the article Canada Has 2 Kinds of Trade Relationships… http://t.co/Td2NelJa in reply to nguyener0127 #
I.E.Canada’s 2nd Annual Ontario Regional Conference aims to provide participants with the knowledge and skills needed to succeed in today’s rapidly changing global trade environment. On Day 2 of the conference (May 15), GHY’s Executive Vice President Reynold Martens will present a session entitled “Integrated Trade Compliance Strategies: 7 Best Practices of Leading Traders.” In [...]
I.E.Canada’s 2nd Annual Ontario Regional Conference aims to provide participants with the knowledge and skills needed to succeed in today’s rapidly changing global trade environment.
On Day 2 of the conference (May 15), GHY’s Executive Vice President Reynold Martens will present a session entitled “Integrated Trade Compliance Strategies: 7 Best Practices of Leading Traders.”
In a world of increasingly complex international supply chains, trade compliance expectations placed on Canadian importers and exporters have never been higher. Companies that integrate effective compliance remediation mechanisms into their processes of governance, business operations, sourcing and sales, will benefit from reduced regulatory risk and enjoy competitive advantage. This presentation unpacks the essential elements required to make it happen.
Export Development Canada (EDC)… announced that is has parlayed the success of its annual Canadians at Work: 50 International Infrastructure Projects publication into a new online resource for Canadian companies. “Connecting Canadian companies to global infrastructure projects, and to other Canadian companies already involved in them, is another opportunity to help create trade opportunities for [...]
Export Development Canada (EDC)… announced that is has parlayed the success of its annual Canadians at Work: 50 International Infrastructure Projects publication into a new online resource for Canadian companies.
“Connecting Canadian companies to global infrastructure projects, and to other Canadian companies already involved in them, is another opportunity to help create trade opportunities for Canada’s infrastructure sector,” said Francoise Faverjon-Fortin, Vice-President, Infrastructure and Environment, EDC. Continue reading »
Chinese import tariffs can be as much as 270% for certain products, usually levied on the importer, according to a new guide released by credit insurance specialist Atradius. This proves an expensive disincentive to buy so foreign suppliers should account for it in their pricing, whilst ensuring that their supply agreements protect against these costs [...]
Chinese import tariffs can be as much as 270% for certain products, usually levied on the importer, according to a new guide released by credit insurance specialist Atradius.
This proves an expensive disincentive to buy so foreign suppliers should account for it in their pricing, whilst ensuring that their supply agreements protect against these costs being passed on to them by the importer, advises the guide, called Trade Successfully with China: Ten Important Principles.
Foreign suppliers should also be aware that, although there may have been agreement that their country’s law covers the contract of sale, certain aspects of Chinese law must still be complied with, including China’s competition laws such as those relating to misleading advertising and predatory pricing.
Here are some other important notes from the guide:
Beware of import restrictions
Not all goods can be freely imported into China. The Ministry of Commerce – the government department in charge of foreign trade in China – regularly revises its lists of restricted or banned goods. It is therefore advisable for foreign suppliers to first clarify whether their goods are subject to any licensing or quota requirements. Otherwise, there is a risk that the goods will not be allowed into the country.
Observe foreign exchange administration regulations
Importers must report payments to the Chinese State Administration of Foreign Exchange if the value of the goods and the amount paid differ by more than the equivalent of U.S.$10,000 for a single contract.
Although it is the importer’s responsibility to comply with foreign exchange laws, foreign suppliers should take into account the risks associated with the Chinese foreign exchange control regime, as it can hinder or prevent payment: for example, some importers are not entitled to make advance payments or to pay the purchase price by way of letter of credit.
Atradius’ chief market officer Andreas Tesch commented: “Growing affluence within China is stimulating private consumption and this creates real opportunities for foreign exporters, provided that they understand the nature of the market and take sensible measures to protect their assets”.
Source: Atradius Credit Insurance N.V.
Citing departure from existing ‘Buy America’ preferences, CABC offers solution for amended language in the Senate surface transportation reauthorization bill For 25 years, the Canadian American Business Council (CABC) has supported efforts to update and improve infrastructure and spur economic growth and job creation on both sides of the Canada/U.S. border. However, upon learning about [...]
Citing departure from existing ‘Buy America’ preferences, CABC offers solution for amended language in the Senate surface transportation reauthorization bill
For 25 years, the Canadian American Business Council (CABC) has supported efforts to update and improve infrastructure and spur economic growth and job creation on both sides of the Canada/U.S. border. However, upon learning about latest provisions announced to the Moving Ahead for Progress in the 21st Century Act (“MAP Act”) in the U.S. Congress, the CABC yesterday issued a letter to all conferees appointed to work out a compromise on the bill calling for an exemption to protectionist provisions.
“The proposed MAP Act includes provisions that represent a significant departure from existing ‘Buy America’ preferences,” the letter stated. “Specifically, if at least one contract for a project receives any federal funding under this act, then all contracts for a project, regardless of their funding source, would be subject to Buy America preferences.”
Alluding to concerns about the ‘Buy America’ provisions’ applicability to Canada and their economic impacts on both countries, the CABC is asking the Senate to consider amending the ‘Buy America’ provision so that purchases of goods from Canada not be deemed to violate this requirement.
Following a recent meeting of heads of state in Washington, the U.S. and Japan issued a joint statement pledging closer cooperation on ensuring the security of global supply chains. Stating that “there is an urgent need to better address manmade and natural disruptions which could adversely impact our security, economic prosperity, and ways of life” [...]
Following a recent meeting of heads of state in Washington, the U.S. and Japan issued a joint statement pledging closer cooperation on ensuring the security of global supply chains. Stating that “there is an urgent need to better address manmade and natural disruptions which could adversely impact our security, economic prosperity, and ways of life” while also facilitating trade, the two countries said they intend to take the following bilateral actions.
• enhance the trade facilitation benefits provided to members of the Customs-Trade Partnership Against Terrorism and Japan’s authorized economic operator program
• accelerate discussions on an air cargo security mutual recognition arrangement
• coordinate capacity•building in the Asia•Pacific region to strengthen border, port, maritime and aviation security, within existing resources
• support the development and deployment of new technologies to enhance global supply chain security
• pursue joint counterproliferation investigations through relevant law enforcement agencies
• promote dialogue, information exchange and sharing of best practices between public and private sectors
The joint statement also commits the U.S. and Japan to multilateral efforts within the World Customs Organization, the International Civil Aviation Organization, the International Maritime Organization, the Universal Postal Union and the Asia-Pacific Economic Cooperation forum on global supply chain issues, including the following.
• supporting the development and maintenance of risk management guidelines
• assisting in the development of robust global pre•departure information requirements in alignment with the discussions on the WCO SAFE Framework of Standards
• developing common definitions, standards and recommended practices for high-risk air cargo
• actively reporting shipping information and intelligence through the WCO’s Global Shield program and facilitating the expansion of regional participation in this program
• advancing the development of AEO programs consistent with the WCO SAFE Framework of Standards
• guiding the establishment of international standards for trade recovery collaboration and information requirements
The EU and the United States of America formally agreed to recognise each other’s safe traders, thereby allowing these companies to benefit from faster controls and reduced administration for customs clearance, as a result of a mutual recognition decision signed by both parties. EU and U.S. certified trusted traders will enjoy lower costs, simplified procedures [...]
The EU and the United States of America formally agreed to recognise each other’s safe traders, thereby allowing these companies to benefit from faster controls and reduced administration for customs clearance, as a result of a mutual recognition decision signed by both parties. EU and U.S. certified trusted traders will enjoy lower 
costs, simplified procedures and greater predictability in their transatlantic activities. Mutual recognition will also improve security on imports and exports, by enabling customs authorities to focus their attention on real risk areas.
What this means in practical terms is that the U.S.-EU Mutual Recognition Decision officially recognizes the compatibility of the U.S. Customs-Trade Partnership Against Terrorism (C-TPAT) and the EU’s Authorized Economic Operator (AEO) program. USCIB has long encouraged an agreement between the U.S. and EU that would recognize compatibility between the U.S. and EU cargo security programs.
There are currently some five thousand companies approved as Authorised Economic Operators (AEOs) in the EU – a number which is growing year on year. The EU and USA are strategic trade partners, with imports and exports accounting for almost €500 billion in 2011. The joint decision will start to be implemented from 1 July 2012.
Commissioner Semeta said: “[The] agreement is a major step forward in the EU-U.S. trade relationship. At a time when businesses need all the support they can get, this will make life easier and cheaper for many transatlantic traders. It will also help to ensure that security checks on traded goods are more focussed and effective, further improving the protection that customs provides for each and every citizen.”
Vice President of Government and Trade Relations with HanesBrand, Inc., and chair of USCIB’s Customs and Trade Facilitation Committee Jerry Cook said: “We congratulate CBP and the EU Taxation and Customs Union Directorate for delivering on the commitment of a mutual recognition agreement, and for continuing to build working partnerships of responsible industry leaders, governments and citizens.”
Expressing this sentiment, U.S. Ambassador to the EU William Kennard tweeted that the signing of the accord was an “Important step toward securing, facilitating trade.”
Mutual recognition of trade partnership programs prevents the proliferation of incompatible standards, and promotes harmonisation of customs practices and procedures worldwide.
Source: New Europe Online
For nearly 80 years, dating back to the Depression-era Buy America Act of 1933, the U.S. government has had protectionist domestic sourcing – or “Buy America” – laws on the books to create jobs, maximize the use of American-made products and ensure that federal tax dollars are reinvested in the U.S. economy. To support the [...]
For nearly 80 years, dating back to the Depression-era Buy America Act of 1933, the U.S. government has had protectionist domestic sourcing – or “Buy America” – laws on the books to create jobs, maximize the use of American-made products and ensure that federal tax dollars are reinvested in the U.S. economy. To support the country’s national security capabilities, “Buy America” laws were expanded in the 1940s to apply to defence spending. In the early 1980s, President Ronald Reagan signed into law a further expansion of “Buy America” for highway and mass transit projects that are funded by federal grants.
As one of his first domestic initiatives, in 2009, President Barack Obama signed the American Recovery and Reinvestment Act (“Recovery Act”), a sweeping $787-billion plan aimed at stimulating a devastated economy still reeling from the catastrophic meltdown of the real estate and financial markets the previous year.
The Recovery Act contained a controversial “Buy America” provision that required all iron, steel and manufactured goods used in construction projects receiving stimulus funding to be produced in the United States. This significantly expanded on existing U.S. legislation stipulating domestic preference criteria by widening the scope of products covered to include “all manufactured goods” with respect to any project funded by the Recovery Act.
Pressured by Canadian exporters complaining that the latest “Buy America” measures violated market access exemptions under the North American Free Trade Agreement and were therefore unfairly costing them business and jobs, the Harper government entered into negotiations with the Obama administration that eventually reached a procurement agreement in early 2010 which provided limited relief and access to some Recovery Act projects for Canadian goods. Key to the accord was persuading the Canadian provinces and territories to finally open up their procurement markets to U.S. suppliers by signing onto the WTO’s Government Procurement Agreement (GPA); a multilateral arrangement mandating that member countries provide reciprocal access to federal procurement projects and, in some cases, at the sub-federal level (i.e. states, provinces and cities).
Although the protracted dispute over the “Buy America” provisions effectively scuttled bidding access for Canadian exporters to most Recovery Act projects – funding having already been allocated by the time waivers pursuant to the Canada-US Procurement Agreement were finalized – it was widely assumed at the time that the bilateral accord and new commitments made under the WTO GPA had largely resolved the nettlesome issue of government procurement going forward.
Evidently not. In October 2011, President Obama proposed the American Jobs Act, a massive spending bill designed to inject billions of federal dollars into infrastructure projects such as the renovation of schools, the construction of roads and bridges and improving transit. Much to the surprise and frustration of the Canadian government and trade community the new bill included the exact same “Buy America” constraints of 2009’s Recovery Act. Continue reading »
Canada has one kind of trading relationship with the United States and a different one with the rest of its trade partners, concludes a new Conference Board of Canada report that measures Canada’s trade by the value added at each stage of the production process. Adding Value to Trade Measures: Understanding Canada’s Role in Global [...]
Canada has one kind of trading relationship with the United States and a different one with the rest of its trade partners, concludes a new Conference Board of Canada report that measures Canada’s trade by the value added at each stage of the production process.
Adding Value to Trade Measures: Understanding Canada’s Role in Global Value Chains reveals that the high level of Canada-U.S. trade integration means Canada’s overall share of its trade with the United States is smaller when using value-added measures than with conventional trade statistics. Nevertheless, the trade relationship with the United States is crucial to Canada – the integration of bilateral trade gives this country its only significant link to global value chains.
In contrast to the integrated relationship with the United States, Canada plays a more traditional role in its trade with the rest of the world: it exports raw materials, imports finished products, and has only limited involvement in global value chains through other countries.
“Canada’s trade profile when measured by value-added trade is something of a paradox. Compared to other countries, Canada is globally integrated. But its proximity to and dependence on the U.S. market skews the overall picture. Almost all Canadian linkages with global value chains are through the United States,” said Michael Burt, Director, Industrial Economic Trends.
Value-added trade refers to the increase in the worth of a good or service while moving through a specified country. International trade patterns have changed in recent decades for one main reason: the prevalence of vertical trade – which is the production of a good or service that involves at least two countries and for which country imports some of the inputs and exports some of the outputs.
This report describes how conventional trade data – namely imports and exports – have become less representative of trade patterns. Rather than replace conventional trade measures, the concept of value-added trade offers a complementary set of insights for trade policy-makers and corporate leaders.
The importance of Canada’s trade relationship with U.S. is irrefutable. Every day, $1.8 billion in goods and services crosses the border. Moreover, 85% of Canada’s vertical trade takes place with the United States, making the U.S. Canada’s only significant link to global value chains. By comparison, Canada has relatively little vertical trade with other large partners, such as Japan, France, Germany, Mexico, Italy and China.
Canada also stands out among its global counterparts. Like China, Canada has both a high degree of returning exports – raw materials and intermediate inputs that are subsequently re-imported back into the country – and substantial import content in its own exports. In contrast, most of Canada’s G8 peers serve as “end markets” for global goods and services. Countries such as the United States, Japan and Germany have a high share of returning exports but limited import content in their exports.
The report, the second of three published by the Conference Board’s International Trade and Investment Centre on the subject of value-added trade, identifies actions and implications for both businesses and governments.
• Businesses should: look beyond the U.S.; know who they are trading with in global value chains; and make global value chains work for them.
• Governments should: recognize the multi-country nature of trade; recognize that trade is a multi-industry effort; devote attention and resources to trade-dependent industries; strengthen linkages to global value chains beyond the U.S.; and continue to pursue free trade agreements.
The first publication in this series, Adding Value to Trade Measures: An Introduction to Value-Added Trade challenged the conventional wisdom about Canada’s overall trade profile in three areas:
• Canada is less trade-dependent – using value-added trade measures, Canada’s share of global trade falls to 2.9% (from 3.1% using conventional statistics.)
• Canada has a smaller trade relationship with the United States – U.S. share of Canada’s overall trade falls from 69% in conventional terms to less than 62% through value-added measures.
• Canada relies on the services sector for a much larger share of its trade – services grow from 16% of trade using conventional measures to 40% under value-added trade; manufacturing shifts from 71% (conventional) to 44% (value-added).
The Conference Board’s International Trade and Investment Centre helps Canadian leaders better understand what global economic dynamics – such as global and regional supply chains, barriers to trade, U.S. policies, or tighter border security – could mean for public policies and business strategies.
Source: Conference Board of Canada
Compliance News: Twitter Weekly Updates for 2012-04-29: Compliance News: Twitter Weekly Updates for 2012-04-22: … http://t.co/3TK7aJrO # Twitter Weekly Updates for 2012-04-29 http://t.co/4unOLMco # CBP News Did You Know… The Border Patrol March was Written in the Halls of the Plattsburgh Army Barracks?: The B… http://t.co/JEnvEKNO # CBP News Laredo Director of Field Operations, Gene [...]
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- Twitter Weekly Updates for 2012-04-29 http://t.co/4unOLMco #
- CBP News Did You Know… The Border Patrol March was Written in the Halls of the Plattsburgh Army Barracks?: The B… http://t.co/JEnvEKNO #
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- News from CBSA Pigeon River port of entry monthly enforcement highlights: Prosecutions and Seizures | Northern O… http://t.co/cq9XfkKq #
- News from CBSA 4kg of suspected heroin intercepted at Calgary International Airport: Prosecutions and Seizures |… http://t.co/RXOV11Dq #
- SB Extended Downtime – ABI & ISF – Saturday, May 5th 2200 EDT – Sunday, May 6th 1400 EDT: SmartBorder has complet… #
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- Compliance News: Zepol Launches “ComplianceIQ” Trade Tool: Zepol Corporation, a leading trade intelligence compa… http://t.co/efQpA6p8 #
- Zepol Launches “ComplianceIQ” Trade Tool http://t.co/PiHrTA9A #
- News from CBSA The CBSA investigates the dumping and subsidizing of certain steel piling pipe: Anti-Dumping http://t.co/7YpAOaUq #
- CBP News CBP, EU Sign C-TPAT Mutual Recognition Decision: Washington – U.S. Customs and Border Protection (CBP) … http://t.co/I5bXwxa2 #
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Zepol Corporation, a leading trade intelligence company, has released a new import trade data tool, called ComplianceIQ. The new product is designed to help US importers adhere to US government import regulations, according to a press release from Zepol. “ComplianceIQ is a unique solution to find all the information trade compliance professionals need in order [...]
Zepol Corporation, a leading trade intelligence company, has released a new import trade data tool, called ComplianceIQ. The new product is designed to help US importers adhere to US government import regulations, according to a press release from Zepol.
“ComplianceIQ is a unique solution to find all the information trade compliance professionals need in order to bring a product into the United States,” Zepol said.
The tool combines multiple import-compliance datasets within one online interface, which allows users to find the exact information they need, for specific HTS Codes.
“We’re very excited to offer a product that eases the US import process,” stated Zepol’s CEO Paul Rasmussen.
“ComplianceIQ users can view product classifications, search by binding rulings, tariffs, quotas, antidumping duties, and more, which helps businesses identify the best import opportunities, and reduces the risk of import penalties.”
Zepol said ComplianceIQ’s “vast amount” of information can be used to: classify products, see how competitors classify their products, view applicable duties and quotas, and better demonstrate due diligence if an audit occurs.
The group claims the tool saves both time and money and even allows users to proactively monitor government updates via scheduled emailed reports.
More information on how to obtain a free trial or demonstration of Compliance IQ and its entire suite of trade-data tools can be found here.
Compliance News: Twitter Weekly Updates for 2012-04-22: Compliance News: Twitter Weekly Updates for 2012-04-15: … http://t.co/eTMBEs8l # Twitter Weekly Updates for 2012-04-22 http://t.co/6ponm590 # Revised – SB Extended Downtime – Saturday, May 5th 2200 EDT – Sunday, May 6th 1400 EDT: SB will install the new d… # News from CBSA The CBSA investigates the [...]
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- Twitter Weekly Updates for 2012-04-22 http://t.co/6ponm590 #
- Revised – SB Extended Downtime – Saturday, May 5th 2200 EDT – Sunday, May 6th 1400 EDT: SB will install the new d… #
- News from CBSA The CBSA investigates the dumping of certain liquid dielectric transformers: Anti-Dumping http://t.co/Lb6MZ3et #
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- @bifjamod Good question, re having money for CBP. in reply to bifjamod #
- Compliance News: Customs Duty and International Trade Course: Hosted in conjunction with the Canadian Institute … http://t.co/M7ihBVUs #
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- Elimination of Steel Import Permits Makes Customs Self-Assessment a Possibility http://t.co/LDmkOtia #
- CBP News CBP Makes $362 Million Cocaine Bust: Washington – A U.S. Customs and Border Protection (CBP) Office of … http://t.co/n1ZeYJX1 #
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- Mexico Using Reference Prices to Prevent Undervaluation of Imported Goods http://t.co/H9CwO8Fe #
- Want to know more about using Social Media for Business, GHY's own @nfortlage will be presenting May 9th http://t.co/23RLWyZp #
- CBP News CBP Quick and Easy Trusted Traveler Global Entry Program Arrives at Raleigh-Durham International Airpor… http://t.co/nuxoMIkN #
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The Mexican government has begun using reference prices to prevent the undervaluation of imported goods. This policy currently applies to textile, apparel and footwear items but within the next few months could also be extended to products such as toys, electronics, bicycles and steel. Shipments of affected goods not accompanied by documentation sufficient to confirm [...]
The Mexican government has begun using reference prices to prevent the undervaluation of imported goods. This policy currently applies to textile, apparel and footwear items but within the next few months could also be extended to products such as toys, electronics, bicycles and steel. Shipments of affected goods not accompanied by documentation sufficient to confirm the correct value could be seized and/or subject to penalties . Although this mechanism was created in December 2011 after the elimination of transitional duties, the number of associated seizures has increased recently.
Mexico’s Tax Administration Service (SAT) determined that in 2011 68% of textile, apparel and footwear items imported from China, Hong Kong, Taiwan and other countries were entered at prices lower than the cost of raw materials used in their production. To discourage this practice, SAT has implemented a program called “Precios de Referencia” (reference prices) with respect to 413 tariff lines for textile items and 59 tariff lines for footwear . These reference prices are determined on a computed value basis but will not be published in the Diario Oficial ( Official Gazette ) and importers will not have access to them.
SAT officials have emphasized in several forums in Mexico that the reference prices are only used to analyze the risk of importers using lower values and are not used in deciding whether to reject or accept the value declared in entry summaries ( pedimentos ). However, if the merchandise is imported at a price lower than the reference price, Mexican Customs will require the importer to have a guarantee of import duties based on the reference price.
When an importer becomes aware that the price agreed with its supplier is low it must obtain the proper documents to support that price and notify the customs broker of this situation. The broker will then include in the pedimento the code “PV” ( prueba de valor ) indicating that it has the documentation to prove the transaction value and clear the shipment through customs. In this context Mexican Customs may require the commercial invoice as well as the following documents.
• customs value declaration
• title of credit related to payment
• proof of payment/transfer of funds
• lease agreement
• insurance payment
• export declaration
In light of this new practice and the fact that the reference prices will remain unpublished, foreign suppliers of affected goods are advised to provide Mexican importers proper documentation to demonstrate the accuracy of the value declared during the import transactions. Otherwise, the merchandise could be seized and penalties could apply. Moreover, when goods are seized the importer’s import license is temporarily suspended, preventing the importer from conducting import operations for up to four months.
Source: STTAS de Mexico | Evelyn Almaraz – Manager, Consulting Practice
