Best Practices for Customs Valuation in APAC

Tuesday, Feb. 27, 2 p.m.  China Standard Time (CST)

Douglas Mackay, VAT & Customs Director of APAC at Lear Corporation

Multinational companies participating in cross-border transactions face difficulties with the valuation of goods. Problems often arise when transactions between related parties are subject to both Customs and fiscal examinations and are bound by different rules and contradictory interests.

Join Integration Point for a FREE 60-minute webcast on recent trends in Customs valuation and transfer pricing as well as the challenges faced with royalty agreements in Asia.

 Douglas Mackay, VAT & Customs Director of APAC at Lear Corporation, will discuss:

  • Updates on Customs’ positions across the region towards transfer pricing
  • How transfer pricing adjustments are treated by Customs in determining value across different countries
  • Recent developments and advisory opinions released by the World Customs Organization
  • Updates on recent developments regarding royalties

A Q&A session will follow the webcast.

Click Here to register.

 

 

U.S. Customs and Border Protection (CBP) has announced the agency is postponing initial implementation of changes to its in-bond regulations for several months--after it had planned to end a flexible enforcement period on Feb. 25, 2018.

The original date of the new regulations was Nov. 27, 2017. CBP’s announcement extends the period of leniency. 

The agency is also indefinitely postponing the implementation of a provision in the Nov. 27, 2018, final in-bond rule to require the inclusion of the six-digit HTS number on Immediate Transportation (IT) in-bond transportation entries. IT entries allow merchandise, upon U.S. arrival, to be transported to another U.S. port, where a subsequent entry will be filed.

On July 2, 2018, CBP will no longer accept paper CBP Form 7512 (Transportation Entry and Manifest of Goods Subject to CBP Inspection and Permit), according to the announcement.

On Aug. 6, 2018, electronic reporting of all transactions will be mandatory for carriers, and CBP will not accept paper copies of CBP Form 7512 for arrival and export functionality.

Also on that date, electronic reporting of bonded cargo location and of diversion to a port “other than reported on the original in-bond” will be required. The Automated Commercial Environment will reject arrival if neither of these reports is performed, CBP said.

Source: American Shipper

Integration Point already helps clients on every major continent.

Now we’re exploring trade opportunities in Antarctica.

IP NEWSWIRE, ANTARCTICA, December 20, 2017—This holiday season, as employees travel home to visit family, one of our very own--Ippy the Penguin-- traveled back to Antarctica. When he wasn’t relaxing and fishing, Ippy spent his time scoping out Antarctica for trade opportunities.

As the employee best suited for the job, Ippy flies to Antarctica to scope out global trade opportunities.

What was he looking for?

  • Strategic locations for ports (with loads of good fish)
  • Determine who benefits from a Free Trade Agreement with Antarctica
  • Exploring the lack of a Duty Deferral program.
  • New Integration Point office spaces, an igloo office park

Ippy packed his bags to travel more than 16,000 miles to the icy continent, facing fierce winds and below-zero temperatures. Nevertheless, it was business as usual in his quest for Integration Point.

Ippy is a dedicated Integration Point employee and an expert in Global Trade Visibility—even in whiteout conditions. For more than 15 years, the flightless bird has helped executives and trade compliance departments bring discipline to data collection and analytics with Integration Point solutions. Always the professional, he lets the every changing world of global compliance regulations slide off his back like water off a….um, duck. He’s accustomed to clever customer support calls: “What do you call a cold penguin? A brrrr-d!”

It wasn’t Ippy’s first time through U.S. Customs. He and his frosty friends are always allowed passage using “Harmonized Tariff Schedule 9503.00 and making good use of the “mound” of solutions within Integration Point Global Content. When not analyzing snowflake and Supply Chain designs, he builds his expertise in SCC. Ippy was instrumental in aiding manufacturers around the globe import $9.6 billion stuffed penguins into the U.S. in 2016.

In blizzard conditions, Ippy is mindful of The Antarctica Treaty, knowing that the snowy continent is designated only as a natural reserve, devoted to peace and science. And despite a 15-foot drift of sparkling snow, the nosy penguin poked into global trade opportunities discovering a glacier of information.

Emerging from his accommodations, and temporary Integration Point office, the sea mammal visited a few long-lost relatives among the thousands in his familial colony. In a flurry of activity, Ippy also slipped into The 13th Annual Antarctica Ice Marathon Race, winning flippers down with the average speed of a penguin—22 mph!

Dive into Ippy’s scrapbook of photos of his adventure in Antarctica to stake Integration Point’s claim. Click Here to discover his icy travels. 

 

FYI: Did You Know?                          

In 2013, Antarctica exported $27.6 million in goods. During the last five years, exports have increased at a rate of 64 percent. Refined petroleum represents 66 percent in exports. Planes, helicopters, and the spacecraft industry fulfill the remaining exports. Imports represent the same industries with $23.9 million in 2013.