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December 15, 2021
2021-2252

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:

Global

  • 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 EY.com
  • Our Global Trade webcasts and podcasts

Americas

  • 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

Asia-Pacific

  • 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

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Trade Watch | Issue 3 2021

 

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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