Tax News Update    Email this document    Print this document  

December 15, 2021

EY TradeWatch | Issue 3, 2021

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:


  • How companies should think about their supply chains and geopolitical risks: implications for the trade function
  • WCO: Major changes to the Harmonized System for 1 January 2022
  • Trade as a lever for value creation
  • Understanding whether business can trade tomorrow on today’s strategies: international trade capability and capacity in 2021
  • Insights from
  • Our Global Trade webcasts and podcasts


  • Colombia: Origin audits carried out by the customs administration
  • US: Court of Appeals invalidates Customs regulation restricting excise tax drawback
  • US: Technical Committee on Customs Valuation approves new advisory opinion on a combined royalty


  • Australia and UK Free Trade Agreement
  • Japan: Additional guidance on RCEP origin application process

Europe, Middle East and Africa

  • EU: Trade policy developments
  • EU: Customs valuation developments – statistical values and new guidance
  • EU: Modernized PEM rules entered into force on 1 September 2021 in the majority of PEM countries
  • EU: Emissions – Europe’s new frontier
  • India: faceless assessment of imported goods by Indian Customs
  • Kenya: Customs valuation – the transfer pricing nexus
  • Switzerland: Elimination of import customs duties on industrial goods may enter into force on 1 January 2024
  • UK: New deadlines for importers into GB from EU
  • Focus on Middle East and North Africa
    • Key international trade and customs developments
    • Key developments by customs authorities across the region
    • Egypt: Government issues customs regulations and makes Advance Cargo Information System mandatory as of 1 October 2021
    • Saudi Arabia: national rules of origin for GCC manufactured goods
    • Saudi Arabia: Guidelines on the VAT e-invoicing regulations
    • Saudi Arabia: General Secretariats of the Customs and Tax Committees merge
    • Saudi Arabia: Challenge to the EU’s provisional anti-dumping duty on monoethylene glycol at the WTO
    • Saudi Arabia and UAE: Third-party rights to participate in WTO panel proceedings
    • UAE: Federal Tax Authority implements new design for digital tax stamps for tobacco products
    • UAE: WTO panel recommends Pakistan withdraw anti-dumping duties imposed on certain imports from the UAE


Trade Watch | Issue 3 2021