Exporting

UK exporters are advised by HMRC to enrol in the Customs Declaration Service (CDS), which will be necessary for export declarations beginning on March 31, 2024.

A new phased approach for businesses moving export declarations to the Customs Declaration Service (CDS) has been announced by HM Revenue and Customs (HMRC) today.

The new DPU Incoterms rule was introduced within the Incoterms 2020 on 1 January 2020. DPU Incoterms replaces the previously named Delivered at Terminal (DAT) due to both buyers and sellers requiring delivery of goods somewhere other than a terminal, such as a Transport Hub inland from the port of arrival.

Under the terms DDP, the seller is responsible for door to door delivery, the payment of import duties and any applicable taxes. Under the eleven Incoterms® Rules, DDP terms impose the maximum level of obligation on the seller.

Identified a business strategy for entering and expanding into the new export markets. Highlighting the legal requirements, documentation requirements, product registration / conformity obligations and tax regulations. The strategy embraced alternative processes to complete customs declarations and pay taxes / duties without registering their company within the export countries.

ICS exists to provide international logistics and supply chain consultancy services to clients. An innovative and decisive business leader, I’m a great ‘international problem solver’. With an impressive track record of executing strategic objectives by leveraging international best practices and strong relationships, I’ve now turned to providing help and support to businesses that need it.

With related company transactions accounting for more than 60% of global trade in terms of value, multinational enterprises need to comply with both the OECD guidelines/principles on transfer pricing and the World Trade Organization (WTO) Valuation Agreement on imported product valuations.