We welcome you to our latest edition of the WTS Global Customs newsletter.
I am not sure how you feel in these times - when I go through headlines and articles every morning, I definitely more than before long for positive, good news. It seems to be rare with ongoing war, inflation, hunger, COVID 19, etc.
Of course, I do not want to give the impression that customs and export control news is as important as any of those topics. Yet, I am happy that we have at least some positive news about facilitation in trade and customs.
A good effect of COVID 19, in my view, has been how the necessity of digitization has been speeded up. In China, for example, the export tax refund process is now much easier, as you can read in the article by our WTS China colleagues. The E-application is in full force, the foreign exchange income proof has been removed and the process is now faster with additional credits being granted.
Paolo Dragone of WTS R&A Italy describes a similar scenario for Italy. Italian customs have undertaken a project to digitize the customs processes. Exchange of communication will now be possible in XML format. The SAD will no longer be necessary. While this is a positive step, Paolo also reflects on the possible challenges this might have on the deduction of paid taxes upon import.
Of course, we also have another Brexit update. Arjen Odems and Maartje Meijer report about a further delay with the introduction of border controls for certain products. The second part of their article covers the introduction of the new IT system, CDS, which will replace CHIEF for import declarations from 1 October this year and for exports from 1 April 2023. Please read their recommendations in this respect.
Our WTS Vietnam colleagues report on new goods labeling legislation. They describe the necessities for imported, exported and locally distributed goods. As fines and penalties can be incurred when not following these rules, I strongly recommend reading this article.
Since export control has gained such an enormous importance in recent years, we have of course also some updates for you regarding the Russia-Ukraine conflict from an EU perspective. Our export control experts Jim Huish and Steve Wilcox of FTI Consulting give you valuable practical advice whereas Markus Wieners and Judith Brandl of WTS Germany take a closer look at the legislative aspects.
We do hope that this content is interesting for you and meets your expectations.
Enjoy reading the newsletter and stay safe!
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