29.03.2022

Global Customs Newsletter #1/2022 now available

News on trade and customs developments from all over the world

Dear reader,

These days it is more than difficult to focus on other things than the horrible developments in Ukraine. We all hope of course that the suffering and the military action will end soon.

In the wake of these developments, topics closely linked with customs are now influencing companies ́ daily business more than Covid-19 - the global sanctions that have been declared against Russia and Belarus, their leaders and many other people from there have an immediate effect on the supply chain. Questions like the following need to be answered almost every day:

is it allowed to send the respective goods to countries/regions affected by the sanctions?
are the ultimate customers listed?
how can payment be organised?
will we find someone to transport the goods? and
is it morally acceptable to have economic relationships with the sanctioned countries?

Our customs and trade experts from across our WTS Global network are available to answer all these questions and to help you meet the economic challenges arising from this terrible war. Please feel free to contact me and I will gladly connect you with our specialists all over the globe.

Our German-speaking readers may also like to read through our special newsletter edition focusing on the latest sanctions against Russia and Belarus, which can be found here:

WTS Customs Newsletter DE

Nevertheless, in this newsletter we have compiled a huge variety of the latest global customs developments for you. These articles cover the whole world and the whole range of customs issues.

We do hope that the content is interesting for you and that we can again - as in our previous editions - meet your expectations.

Enjoy reading the newsletter and stay safe!

Best regards,
Kay Masorsky

Read the WTS Global Customs Newsletter here.

WTS Global Customs Newsletter #1/2022

News on trade and customs developments from all over the world

View publication

Kay Masorsky

Partner / Head of Global Service Line Customs, WTS Global

Partner Corporate Customs Advisory, WTS Germany

Germany

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Articles you might be interested in

On 20 December 2022, the OECD/G20 GloBE Inclusive Framework released its Pillar Two Safe Harbour and Penalty Relief guidance document. Read an article about the key elements of the transitional and potential permanent safe harbours from our tax experts in Belgium.

Belgium: OECD’s Recently Released Safe Harbours and Penalty Relief Guidance : Solving key issues that MNEs face, or just a drop in the ocean?

New year, new legislation – which means that this year, just like at the beginning of every year, the focus is on changes to the tax rules. One of the most important changes affecting most Hungarian taxpayers in 2023 is the amendment of the transfer pricing documentation rules.

Hungary: New transfer pricing documentation rules

Read an article from GTM, U.S. alliance partner of WTS Global, on how to avoid pitfalls related to the consistency rule in the allocation and apportionment of deductions to the residual grouping in applying the GILTI high-tax exception.

Common Pitfalls: GILTI High-Tax Exception and Interest Expense Apportionment

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