Transferring them with what?
Would be interesting to see what's happened since 2014
One area where the government can collect large amounts of revenue without having to raise taxes is transfer pricing audits.
Who would have guessed that a collection of three-letter acronyms would have had such an impact on the development of international (and domestic) commercial transactions? A group of industrialists, financiers and traders whose determination to bring economic prosperity to a post-World War I era eventually led to the founding of the International Chamber of Commerce (ICC). With no global system of rules to govern trade, it was these businessmen who saw the opportunity to create an industry standard that would become known as the Incoterms rules. [ 83 more words ]
http://mpoverello.com/…/icc-the-mightiness-of-three-capital…
The World Customs Organization (WCO) has just released the 2017 edition of the Harmonized System Nomenclature, the world’s global standard for classifying goods in international trade, which will enter into force on 1 January 2017. Used by over 200 countries and economic or Customs unions as well as by international organizations such as the United Nations Statistical Division (UNSD) and the World Trade Organization (WTO), the Harmonized System (HS) Convention currently has 154 Contracting Parties, making it the WCO’s most successful instrument to date. [ 284 more words ]
http://mpoverello.com/…/the-wco-hs2017-nomenclature-all-the…
SARS has been operating Electronic Data Interchange (EDI) with its external stakeholders since 2001. More than 98% of all customs declaration (CUSDEC) transactions are today submitted electronically to Customs and the electronic submission of multimodal cargo reports (CUSCAR) is steadily increasing. Today, declaration processing is fully electronic end-to-end thanks to the availability of highly established EDI and Customs software service providers supporting the local customs and logistics community. [ 401 more words ]
http://mpoverello.com/…/sars-publishes-updated-edi-user-man…
The "Guidelines for strengthening cooperation and exchange of information between Customs and Tax authorities at the national level" have been formulated with the support of WCO Members and development partners, especially the Organisation for Economic Co-operation and Development (OECD) and the International Chamber of Commerce (ICC). The Guidelines aim to provide reference guidance to Customs and Tax authorities who wish to go further in their cooperation and develop operational models which enable agencies to work together to their mutual benefit. [ 206 more words ]
http://mpoverello.com/…/wcos-guidelineson-customs-tax-coope…
This edition of WCO News features a special dossier on the 2016 Council Sessions, in particular the latest developments in the core WCO areas of work: tariff and trade affairs, trade facilitation, enforcement, and capacity building. It also puts a spotlight, in its focus section, on the Customs brokers profession, including the practices adopted by some Customs administrations related to licensing and regulatory regimes. [ 83 more words ]
New Zealand Customs Service (NZCS) is assisting the WCO by conducting a pilot of the newly developed air cargo capability for the WCO Cargo Targeting System (WCO CTS). NZCS has extensive experience and expertise in cargo risk assessment and targeting and will be fully testing and evaluating the WCO CTS during a 3 month trial. The WCO travelled to New Zealand during week commencing 10 October 2016 to launch the pilot and conduct training with NZCS personnel who will be using the WCO CTS. [ 147 more words ]
http://mpoverello.com/…/nz-customs-to-conduct-wco-cargo-tar…
The World Customs Organization (WCO) organized a National Workshop on Inland Depots under the sponsorship of the Customs Cooperation Fund (CCF)/Japan and the Japan International Cooperation Agency (JICA). It was held from 20 to 22 September 2016 in Savannakhet Province, Lao People’s Democratic Republic. Twenty six Customs officers from the Lao Customs Administration participated in the workshop, along with guest Customs experts from The Former Yugoslav Republic of Macedonia, Japan and JICA. [ 371 more words ]
http://mpoverello.com/…/wco-workshop-on-inland-depots-in-la…
News 24 reports that the Competition Commission on Wednesday conducted a search and seizure operation at the premises of six cargo shipping companies operating in the Western Cape and KwaZulu Natal (KZN) on suspicion of collusion and rate fixing, the body said in a statement. “The Commission has reasonable grounds to suspect that Hamburg Sud South Africa, Maersk South Africa, Safmarine, Mediterranean Shipping Company, Pacific International Line South Africa and CMA CGM Shipping Agencies South Africa have engaged in collusive practices,” the Commission said. [ 268 more words ]
http://mpoverello.com/…/competition-commission-raids-shippi…
The Australian Broadcast Company (ABC) has been told IBM looks increasingly unlikely to hit its October 31 deadline and there are growing fears in the Department of Immigration and Border Protection that the risk of a system failure is rising, as the busy Christmas holidays loom and a long-running industrial dispute remains unresolved. An IT failure could have serious national security implications as the mainframe will manage Australia's border controls, including red flagging terror suspects attempting to enter or leave the country. [ 399 more words ]
http://mpoverello.com/…/ibm-unlikely-to-meet-oz-customs-and…
At the invitation of the South African Minister of Environmental Affairs, Secretary General Kunio Mikuriya addressed a "Ministerial Lekgotla" held in Johannesburg, South Africa, on 23 September 2016 as an introduction to the CITES CoP 17 World Wildlife Conference. During the high-level panel session, Secretary General Mikuriya focused on the role of Customs in facilitating legal trade and intercepting illegal trade in wildlife and on its link to CITES and Sustainable Development Goals. [ 175 more words ]
http://mpoverello.com/…/wco-addresses-a-ministerial-lekgotl…
Transcript of video Todd Smith, principal in KPMG LLP’s Trade & Customs practice: We had over 350 people attend the webinar on Base Erosion and Profit Sharing (BEPS) from a Customs Perspective. I think the reason is because there hasn't been a lot of discussion on how BEPS will impact customs. I read all of the action items that the OECD published in October to identify where there would be crossover or an overlap on customs as it relates to BEPS. [ 330 more words ]
http://mpoverello.com/…/09/24/beps-impact-on-trade-and-cust…
A new customs program aimed at bringing Australia into line with other major trading nations could substantially cut costs when exporting to Asia. The Department of Immigration and Border Protection (DIPB) believes that the benefits to the Australian economy of this streamlined export process could be worth up to $1.5 billion for every one per cent increase in efficiency of transport and logistics supply chains. [ 789 more words ]
http://mpoverello.com/…/streamlined-export-clearance-worth-…
The following was penned by a long-time customs acquaintance Aires Nunes da Costa, who has kindly permitted me to post his article titled "Why unpack containers in Durban if you can have containers at your door step in Gauteng within 24 hours?" which first appeared on LinkedIN. The Tambo Springs initiative involves creating a significantly improved intermodal capability for the movement of freight to and from Gauteng. [ 704 more words ]
http://mpoverello.com/…/high-aspirations-for-planned-tambo-…
