Tradewin’s Post

✅ 3 Steps to #ENSCompliance for Carriers 1️⃣ Gather accurate shipment data. 2️⃣ Register for an EORI number starting with GB. 3️⃣ Choose software compatible with HM Revenue & Customs. 💡 Preparation now saves time and penalties later!

Since 1993, #Reconciliation entries have been a pivotal tool for US importers to simply and expediently make changes to certain elements of an #import entry. Swipe to see our tips for Reconciliation filings and learn more here: https://bit.ly/3TjQ7ix

 ‘’Is Customs Management Software worth the investment?’’ – It’s a question many freight forwarders, hauliers, traders and brokers should be considering. With customs regulations and compliance requirements growing more complex, the need to understand the true value of a customs software solution is now essential. Learn more from our latest blog -  https://lnkd.in/ddqu4-ih

Understanding commercial invoices is important for clearance. This article explores: ✅ Understand the difference between accounting & commercial invoices. ✅ Learn what info Customs Officials need for approval. ✅ Discover how invoice formats vary by destination country. Learn more ➡️ https://lnkd.in/d-PfSCqB #CommercialInvoice #ExportingGoods #Import #Export #ImportExportLicense

The National Board of Revenue (NBR) will launch an online business platform called Import-Export Hub on February 5. All information related to import-export, such as information on compliance, regulatory, tax exemptions, how much tax to pay can be found by going to this website with the HS code of the product. The documents required to redeem the product will also be known. Businessmen face various problems while doing import and export. They do not know many things. They get into trouble while clearing the imported goods. NBR said that this initiative is to prevent these problems. All information will be known before import through import-export hub. In this case, all things can be known by searching with HS code. The hub can be accessed by visiting the official website of Customs.

🚚 Import VAT: Maximize Your VAT Recovery & Avoid Common Pitfalls! 💼 Many businesses miss out on recovering Import VAT, a costly oversight that can impact your bottom line. Here are the main reasons why and how to avoid them: Lack of Awareness: Many businesses simply don't know that Import VAT is reclaimable on their periodic VAT returns. Misrepresentation: Import VAT can be mistakenly recorded as customs duty, which is not reclaimable. Incorrect Importer of Record: Clearing agents may not always report the correct importer, leading to missed reclaim opportunities. Tips for Success: Educate Your Team: Ensure your finance team knows Import VAT is reclaimable and what documentation is needed as backup for any claim. Clear Instructions to Agents: Communicate clearly with your clearing agents to avoid misrepresentation. Use Postponed Import VAT Accounting: This is available for imports into some EU countries and the UK and can streamline the VAT process on imports and be a great cashflow benefit. At Taxmatic, we recently recovered over $100K of import VAT from 2023 for a new client after carrying out a historic review. By staying informed and proactive, you can ensure your business recovers all eligible Import VAT, improving your financial efficiency. 💡 #ImportVAT #TaxTips #BusinessFinance #VATRecovery #EU #UK

Importing NZ apples anyone? We were recently informed that the duty rates for the following commodity codes: 0808108010 / 0808108020 / 0808108090 / 0808309010 / 0808309090 are currently incorrect within CDS. HMRC have provided the following instructions: Apples from New Zealand Duty Rate Error in the Tariff. If you've cleared cargo with a nil duty rate, it’s advisable to proactively recalculate and declare the correct duty rather than waiting for HMRC. You can apply for a voluntary clearance amendment (underpayment) (C2001) here: https://lnkd.in/e_P57pXi #importers #apples #nz #VARTAN

Credit to PortCalls May 20, 2024 Marcos orders pre-border verification, e-invoicing for all imports https://lnkd.in/gFayfQ34 ● President Ferdinand Marcos, Jr. ordered the implementation of a digital and integrated system for pre-border technical verification and cross-border electronic invoicing for all imported goods ● Administrative Order No. 23 aims to expedite inspection and monitoring of all imports ● The Bureau of Customs will implement the system Administrative Order (AO) No. 23 approved on May 13 aims to expedite the inspection of all imported goods entering the country and further strengthen national security, safeguard consumers’ rights, and protect the environment against sub-standard and dangerous imported goods. “A single electronic invoicing system controlled by the Philippine Government is necessary to effectively monitor international trade transactions of all imported goods,” the AO stated. Pre-border technical verification refers to testing and inspection of all commodities by accredited testing, inspection, and certification companies prior to exporting to the Philippines for purposes of verifying in advance the declared specifications, description, weight, volume, and country of origin, and ensuring that these commodities are safe and of good quality, in accordance with the World Trade Organization Facilitation Agreement, and existing laws, rules and regulations. The cross-border electronic invoicing system, meanwhile, is used by a verified and registered foreign exporter to create an export invoice on a single electronic platform controlled by the government. The electronic invoice is shared transparently and in real time with the BOC, Bureau of Internal Revenue, Department of Agriculture, Department of Trade and Industry, and other relevant government agencies. AO 23 creates the Committee for Pre-border Technical Verification and Cross- border Electronic Invoicing with the finance secretary as chairperson and with the secretaries of agriculture, trade, energy, health, environment and natural resources and information communications technology serving as members. Other members include the BOC commissioner, director general of Philippine Drug Enforcement Agency, and two non-voting representatives from duly recognized industry associations to be appointed by the chairperson upon recommendation of the committee.

I learned more about BASIC IMPORT AND EXPORT COURSE AT LE ANH CENTER A certificate of completion of the course has been granted Basic knowledge of import and export such as: Reading and understanding foreign trade contracts, Reading and understanding sets of documents (B/L, insurance, Commercial invoice, Packing list, C/O), electronic customs declaration, Firmly grasp knowledge of Incoterm, look up tax schedules and HS CODE, understand basic C/O, calculate basic order prices such as: FOB, CIF,.. and other basic knowledge