Last week, there was a substantial update to the Export Administration Regulations (EAR) that adds 164 persons to the Denied Entity List. The Entity List provides notice to the public that certain exports, re-exports, and transfers (in-country) to certain companies, individuals, and other entities identified on the List require a license from the Bureau of Industry and Security (BIS). The availability of license exceptions in such transactions is limited.
Panama has signed a trade agreement with the member countries of ALADI. Thus, Panama will receive tariff benefits of the South American countries. In the same way, Panama will give back the same benefits to these countries.
A Japanese professional musician had her Guarnerius violin seized because she could not provide documents for her 1986 purchase. Belgium-based Yuzuko Horigome was transiting through Frankfurt Airport last week after performing in Japan, the top-selling Yomiuri Shimbun newspaper said. German Customs said she would have to pay duties and fines to the total of $474,000.
The United States Code of Federal Regulations (CFR) codification of the general and permanent rules and regulations published in the Federal Register by the executive departments and agencies of the Federal Government. It is divided into 50 titles which represent broad areas of Federal regulation. Each title is divided into chapters which usually bear the name of the issuing agency. Each chapter is further subdivided into parts covering specific regulatory areas.
The following are the 50 Titles of the CFR:
The US Schedule B is the official schedule of commodity classifications to be used by shippers in reporting export shipments from the United States. It is used to compile official statistics on exports of merchandise from the United States.
A major US customs fraud operation has been uncovered in California. Three firms imported at least $100 million worth of foreign goods, bypassing more than $10 million in customs duties.
U.S. Attorney for the Southern District of California Laura E. Duffy said in a release the defendants are accused of evading millions of dollars in import taxes when they brought Chinese-made apparel, Indian-produced cigarettes and other goods into the country through the Long Beach Port-of-Entry.
SAP Content Update for European Union
EU update is approved – all 14 languages, Reclassification included.
We’re hearing a lot of chatter about changing VAT rates around the globe. Here are a few items that we’ve been talking about behind the scenes.
Reports are emerging from Italy that the planned 2% VAT increase in October may be reduced to a 1% VAT rise - taking the standard Italian VAT rate to 22%
The recent presidential election in France resulted in the election of François Hollande, the candidate of the Socialist Party. One effects of this change is that the French VAT rise (originally planned in october) has been cancelled.
CUSTOMS Info and Global Data Mining (CiGDM) focus on Item Compliance™. This is much different than Global Trade Management.
Item Compliance™ Management focuses specifically on creating and maintaining up‐to‐date information accurately describing every product from a customs perspective, programmed to deliver compliant item data, to the right systems, anywhere in the world, at just the right time.