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24 June 2020

Trade Watch | Issue 2 2020

The latest edition of Trade Watch is attached below. Trade Watch is a regular communication from EY Global Trade that outlines key legislative and administrative developments for customs and trade around the world. Highlights of this edition include:

Global

  • New Harmonized System 2022 edition: preparing for change
  • Why trade disputes are reshuffling supply chains and transfer pricing
  • Why the global trade function means more than moving goods from A to B

Americas

  • Brazil: Supreme Court rules the Siscomex fee increase unconstitutional and makes refunds
  • US-China trade tariff mitigation strategies remain critical for companies in turbulent times
  • USMCA: The United States, Mexico and Canada prepare for a 1 July entry into force of the USMCA — impact on the trade in goods
  • US: Court clarifies treatment of related party trademark royalties and payments for services
  • US: Court of international trade invalidates US Customs regulation restricting excise tax drawback
  • US: New country of origin reporting requirement on composite goods could have broad compliance and operational impacts
  • US: Sanctions agency highlights compliance essentials and high-risk industries with recent enforcement trends
  • US: Texas Supreme Court defers to US Customs determination of “activation” in foreign trade zone property tax dispute

Asia-Pacific

  • China: Draft export control law and implications for business
  • Japan: Annual report on post-entry customs
  • Korea: Developments and changes to free trade agreements
  • Korea: Changes to the customs system
  • Malaysia: Open market value for excise duty purposes in the automotive industry
  • Philippines: Update on Post Clearance Audit and the Prior Disclosure Program
  • Thailand: Customs valuation implication of the new transfer pricing disclosure requirements

Europe, Middle East and Africa

  • EU: New tools to enforce rights in international trade and trade war countermeasures
  • EU: Revamp of EU Excise Directive
  • GCC: How to navigate global trade controversy and disputes
  • Saudi Arabia: Compliance with product conformity obligations now easier and faster
  • South Africa: The treatment of retroactive transfer pricing adjustments by the South African Revenue Service
  • UK: Brexit update

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ATTACHMENT

Trade Watch | Issue 2 2020

Document ID: 2020-1651

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

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