Belgian-Luxembourg Chamber of Commerce in Great Britain’s Post

‘Related parties’ refers to any existing relationship between the seller and the importer that may have influenced the valuation of an import. In this week’s blog, we delve into what constitutes a related party, what CBP looks for when examining an import they suspect of being influenced by such a relationship, and what recourses might be taken by the importer when their goods are from a related source but innocently valued. https://lnkd.in/gD__G8Rd

Important Update on IT Hardware Import Restrictions & Import Authorizations! As per the latest DGFT notifications (No. 23/2023, 26/2023, 38/2023) and Policy Circular No. 06/2023-24, the import of certain specified IT hardware remains "Restricted." DGFT have released Policy Circular No. 07 /2024-25 amending certain points. Here's what’s new: 📦 Importers can now apply for Import Authorizations valid until 31st December 2024. Additionally, existing Import Authorizations issued till 30th September 2024 will automatically remain valid until 31st December 2024. 📦 For imports beyond 1st January 2025, fresh authorizations will be required, with further details to be provided soon. Stay informed and ensure compliance to avoid disruptions! Contact us for all your logistics requirements. Mail us: marketing@sanguinelogistics.com Visit us: https://lnkd.in/fGSi6zK #DGFT #DGFTupdate #import #importprocess #restrictedproducts #importauthorization #IEC #importerexportercode #importerexporter #compliance #ithardware #traderegulations #easeofdoingbusiness #SanguineLogistics

Important Update on IT Hardware Import Restrictions & Import Authorizations! As per the latest DGFT notifications (No. 23/2023, 26/2023, 38/2023) and Policy Circular No. 06/2023-24, the import of certain specified IT hardware remains "Restricted." DGFT have released Policy Circular No. 07 /2024-25 amending certain points. Here's what’s new: 📦 Importers can now apply for Import Authorizations valid until 31st December 2024. Additionally, existing Import Authorizations issued till 30th September 2024 will automatically remain valid until 31st December 2024. 📦 For imports beyond 1st January 2025, fresh authorizations will be required, with further details to be provided soon. Stay informed and ensure compliance to avoid disruptions! #DGFT #DGFTupdate #import #importprocess #importauthorization

🌟 Key considerations for managing imports: Understanding the intricacies of commodity classification procedures is paramount. We recommend conducting an annual review of your HS codes to mitigate unnecessary costs and avoid overpaying duties. Staying ahead in your industry is possible by staying abreast of HS number updates through lifecycle management methods. Let us assist you with your import and export needs. Reach out today at: 📞 T: +44 (0)1268 286999 📧 E: team@ifeglobal.uk Simplify your import processes with us! #Imports #Customs #Exports #Logistics #Transport #HScodes #Commodity #Shipping #Freight

5 Important Terms You Need to Know in the World of International Shipping 🌍 In the world of international shipping, there are 5 essential terms you must be familiar with: 1️⃣ Bill of Lading (B/L) 2️⃣ Full Container Load (FCL) 3️⃣ Less than Container Load (LCL) 4️⃣ Customs Clearance 5️⃣ International Commercial Terms (Incoterms) 📞 Want to learn more about how we can help you understand them? Contact the Sigma Logistics team today!

========================== Recalling : Shipping Term and Condition ========================== International Commercial Terms (Incoterms) are the conditions of sale agreed upon by both the seller and the buyer of products when doing business internationally. All governments and legal agencies worldwide recognize these regulations. Incoterms explicitly outlines the responsibilities, expenses, and risks that fall under the purview of both buyer and seller. In order to swift recognize, Incoterms that are divided into four main categories. The initial letter of an incoterm is used to identify its category. E-Term: The buyer makes all transportation-related arrangements. F-terms: The buyer makes most of the transport-related arrangements. The shipping and customs arrangements are the seller’s responsibility. C-terms: C-terms function in reverse. The vendor makes the majority of shipping-related arrangements. The customer bears the risk of the shipment. D-terms: Under these, the seller is given responsibility. The vendor assumes the risks and expenses. #incoterm #indonesiaexport #exportimport #shipping #customsbrokerage #tradinggoods

Tariff and Duty Analysis: Analyzing tariff schedules and duty rates for imported goods to assess the impact on landed costs. This helps in determining the most cost-effective sourcing strategies and optimizing import-related expenses.

🚨 Attention Steel Importers 🚨 Starting November 5th, 2024, it's mandatory to report the Country of Melt and Pour (COM) data for Steel Goods under General Import Permits No. 80 and 81. That's just six months away! Make sure your customs invoices clearly state the COM. If they don't, contact your vendors ASAP to get it added. Remember, this COM data is crucial and must be provided to the CBSA through the Single Window Integrated Import Declaration filed by HOC on your behalf for smooth goods release. Failure to provide COM data could lead to AMPS penalties and delays in processing. Stay compliant and keep your imports running smoothly. 🛠️🌍 #HOCGlobalSolutions #FreightForwarding #Logistics

🌍 Demystifying FOB: A Cornerstone of Global Trade 🚢  In the dynamic world of import/export, terms like FOB (Free on Board) are more than just industry jargon—they form the foundation of efficient and successful transactions. But what does FOB entail, and why is it so significant?  What Does FOB Mean?   FOB specifies the point at which responsibility for goods shifts from the seller to the buyer:   ✅ Seller’s Responsibility: Covers costs, risks, and handling until the goods are loaded onto the vessel.   ✅ Buyer’s Responsibility: Begins once the goods are on board, including transportation, insurance, and customs clearance.  Why Is FOB Important?   1️⃣ Cost Transparency: Clearly delineates financial responsibilities, avoiding unexpected expenses.   2️⃣ Risk Allocation: Establishes the exact moment risks transfer, minimizing disputes.   3️⃣ Operational Efficiency: Ensures smooth coordination between logistics teams at origin and destination ports.  Did You Know?   📌 FOB dates back to the early 19th century, originating from maritime trade practices to streamline global commerce.   📌 The application of FOB differs in FOB Origin and FOB Destination, making it essential to verify your agreements.  💡 Pro Tip: Mastering FOB and other Incoterms is crucial for effective cost negotiations and mitigating supply chain risks in today’s globalized economy.  What has been your experience with FOB or other Incoterms? Share your thoughts in the comments below. Let’s drive the conversation forward! 👇  #FOBExplained #GlobalTrade #ShippingInsights #LogisticsLeadership #SupplyChainSolutions #AshokanLogisticsExpert

Duty inquiries before importation are crucial for several serious and practical reasons, all of which contribute to compliance, cost management, and overall success in international trade. 🦺 By understanding applicable duties and taxes in advance, you can accurately calculate the total cost of importing goods. This helps in making better pricing and profitability decisions. 🥻 Some goods may qualify for duty exemptions, reductions, or special tariff rates under free trade agreements or other international trade programs. Duty inquiries help identify such opportunities, reducing costs. 🗒️ Without proper duty research, importers may end up overpaying for duties and taxes. 🖇️ Proper inquiries ensure that you only pay what's required and avoid unnecessary costs. #supplychain