Tax News Update    Email this document    Print this document  

August 1, 2023
2023-1344

EY TradeWatch | Issue 2, 2023

The latest issue of EY's TradeWatch publication is now available.

In this edition, we continue to focus on trade trends, specifically disruption, technology, sustainability, trade facilitation, controversy and customs reform.

Trade disruption continues, becoming effectively the "new normal". But how should businesses respond? This is a topic that is explored in depth in our latest report 'Refocusing on the global trade functional organization — a global trade perspective'. which is based on in-depth conversations and benchmarking studies with trade leaders in global companies. In this edition, we also continue the conversation on the trade function by looking at steps companies can take for 'Future-proofing the customs and trade function'. We set out why businesses should care about this topic now, and why having an effective, future-proofed trade function should be high on every trading company's agenda.

In this edition, we also look at other trade trends, including sustainability and ESG regulations, the effective use of trade facilitation measures and managing controversy. We also look at customs reform in the EU and Canada and provide an update on Section 301 in the US.

In addition, our latest series of ey.com articles 'How three global trends are shaping Indirect Tax' identifies how business leaders should respond to three global megatrends — transformation, sustainability and trade disruption - to help their organizations thrive in turbulent times.

From the regions, this issue includes the following insights:

Global

  • Refocusing on the global trade functional organization — a global trade perspective
  • 'Future-proofing' the customs and trade function

Americas

  • Canada Border Services Agency (CBSA) Assessment and Revenue Management (CARM) Release 2 update
  • Latin America: Maximizing the benefits of nearshoring — a practical guide to Latin America's FTAs
  • US: Section 301 update

Asia-Pacific

  • Australia and New Zealand's landmark free trade agreements with the UK enter into force

Europe, Middle East, India and Africa

  • EU: Customs legislation reform
  • Kingdom of Saudi Arabia: a growing network of special economic zones
  • South Africa: Between importers and clearing agents, who is responsible for customs compliance?
  • UK: EY report on TradeTech and the digitalization of trade

Sustainability

  • EU: Fight against global deforestation
  • EU: Final regulations published for new CBAM and ETS revisions
  • UK: CBAM developments

Why TradeWatch?

In today's global economy, moving goods internationally can be a complex and costly activity. TradeWatch provides information about customs and international trade developments to help you develop strategies to manage duty costs and the risks of global trade, to improve trade compliance and to increase the operational effectiveness of international supply chains.

Access the latest issue in the form of an interactive PDF, or please find the file attached below.

———————————————

ATTACHMENT

Trade Watch 2023 | Issue 2

 

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.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement