Ömer Faruk Çevik’s Post

On April 22, 2024 the President of Mexico, issued a Decree published in the Federal Official Gazette (“Official Gazette”) amending the Tariff of the Law of General Import and Export Taxes (“TIGIE”, for its acronym in Spanish). Full briefing: https://lnkd.in/e2KPgRrN #smpslegalteam #internationaltrade #internationaltrademexico #mexico #customstariff

#TriangularOperations are a fundamental logistics strategy involving three parties: the exporter, the importer and an intermediary, all located in different countries. 🌐   The aim of this type of operation is to reduce the cost of transportation and storage and to simplify customs and tax processes, in accordance with the legal and tax regulations in force in each country.   We share some of the main benefits of this category of #LogisticsManagement. 👇

If you're new to international trade, understanding import and export taxes is crucial for a smooth business operation. Import Tax – A fee imposed when goods enter a country, affecting costs and local market competition.  Export Tax – A charge on goods leaving a country, often used to regulate supply and stabilize prices. 💡 Why It Matters for Your Business: ✅ Affects pricing and profit margins ✅ Helps ensure compliance with trade laws ✅ Avoids delays and penalties in customs Always check the latest tax rates before shipping goods. Need expert guidance? An EXIM consultant can help you navigate regulations and save costs! 🚀📑 #EXIMConsulting #InternationalTrade #ImportExport #BusinessGrowth

Check out our July 2024 Indirect Tax News for the latest information on e-invoicing in various countries around the world and lots of other interesting updates regarding #VAT and other indirect taxes.

The July 2024 Indirect Tax News looks at various e-invoicing developments, as well as several interesting VAT decisions of the CJEU, a ruling of the Danish supreme court on VAT grouping, and Spain’s supreme court has agreed to hear a case involving the VAT deductibility rules as they apply to a holding company when it sells shares of a subsidiary to another group company. A new customs law in China consolidates various measures, policies and announcements and makes some important changes to the import and export tariff rules. And the U.S. has added 26 companies to the UFLPA “entity list” of companies known to engage in producing materials and goods with forced labor. https://ow.ly/TT4S50SBmF5

Purpose Of Commercial Invoice: The primary purpose of a commercial invoice is to facilitate international trade by providing customs authorities with a detailed record of the transaction. Commercial invoices are typically used in the following situations: Customs Clearance: It is beneficial for customs authorities to have a look at the duties, taxes, and tariffs associated with exported goods. Payment Confirmation: Buyers use commercial invoices to confirm the amount owed to the seller and process payments. Legal Documentation: Commercial invoices serve as legal evidence of the transaction’s terms and conditions in case of disputes or legal issues. Financial Record-Keeping: Both buyers and sellers use commercial invoices for financial record-keeping and tax purposes.

Yesterday the "DECREE amending the other amending the Tariff of the General Import and Export Taxes Law, and the Decree exempting the payment of import duties and granting administrative facilities to several goods of the basic food basket and basic consumption of families" was published in the Official Gazette of the Federation. This decree removes tariff codes 7601.10.02 (unalloyed aluminum) and 7601.20.02 (aluminum alloys) from Sole Article of the Decree amending the Tariff of the General Import and Export Taxes Law, which was published in the Official Gazette of the Federation on April 22, 2024. #Mexcentrix #Shelter #IMMEX #SoftLanding #ImportExport #TradeRegulations

A comprehensive understanding of customs duty is crucial for individuals engaged in or contemplating entry into the import-export sector. The following outlines the primary customs duties that should be taken into consideration. #besmartexim #happyexporting #import #export #customsduty #internationaltrade #internationalbusiness #cutoms #port #customsclearance #itr #tax #globaltrade

Singularity Tax offers comprehensive customs representation services to keep your international trade smooth and efficient. Avoid delays and penalties with our expert guidance on customs regulations, ensuring your business operations remain uninterrupted. #singularity #germanVAT #taxation #entrepreneur #businessinUK #VATexperts #taxcompliance

The Zakat, Tax, and Customs Authority has launched a user guide on its website for the service of pledging not to dispose of shipments. This online service enables importers to submit an official pledge not to dispose of the shipment until they receive notification from the customs port granting permission for release by the competent authority. The service streamlines the shipment release process while ensuring compliance with legal procedures, pending laboratory examination results or decisions from the relevant authorities. To access the user guide for this service, visit the following link: https://shorturl.at/NGO4i