Authored by: Shilpa Manvikar & Vijendra Kargudri Implications of Intrastat Reporting As discussed in the Part-1 of this blog, each member nation of the European community – EU28 is required to report the actual movement of goods to the customs authorities. The system that collects information and generates statistics on the dispatches and receipts constitutes INTRASTAT, … Continue reading “Part-2: Intrastat Reporting simplified with SAP GTS”
Authored by: Vijendra Kargudri & Shilpa Manvikar The emergence of the Healthcare Sector It might be an understatement to say that over the millenniums, every global exploration route was followed closely by new trade opportunities. Over the last couple of centuries, healthcare products and services have been no exception to that concept. Post industrialization … Continue reading “Top 3 ways SAP GTS helps the Healthcare Industry”
Krypt is excited to solicit your presence at the International Compliance Professionals Association (ICPA) – Annual EU Conference on May 15-17, 2019 in London, England. What is in it for you? Over these 3 days Conference at The Tower Hotel, St. Katharine’s Way, London, England, experienced compliance & security specialists will be speaking on ― Import & Export and … Continue reading “Krypt @ ICPA – Annual EU Conference | May 15-17, 2019 | London, England”
Regardless of the size or location of your business, or what products you sell, if you are exporting your products, then the they should be correctly classified. But what is even more critical is the necessity to screen all the parties for each of your transaction that you export to. The list of sanctioned/denied/restricted party … Continue reading “SPL Screening best practices: never too little or too late”
What defines success in import and export compliance? How do you achieve it? First and foremost, you should outline operational compliance policies, procedures, and standards of conduct. Employees and management should know what is expected of them and how to handle unforeseen situations. An effective program clearly defines and enforces those expectations. Maintaining Trade Compliance … Continue reading “Sucessful Import and Export Compliance”
What Is Duty Drawback? When goods are imported into the United States through U.S. Customs, duties are imposed. A Duty Drawback is a monetary rebate if these goods are subsequently exported. Importers, exporters, and manufacturers could be eligible for duty drawbacks. Five Main Types of Duty Drawback 1. Direct Identification Manufacturing Drawback: U.S. import duty may be … Continue reading “Simplified Duty Drawback and New Regulations”
International trade requires complying with various rules, most of which SAP Global Trade Service can assist with. When importing goods into another country, buyers typically pay duties. Duties are in place to raise money and protect domestic manufacturers from foreign competition. However, two countries may agree to terms wherein they will accept each other’s goods duty … Continue reading “Trade Preference Processing with SAP GTS”
There are a few factors to consider when weighing the pros and cons of Batch Processing. Let’s outline the disadvantages of having a Global Trade Management (GTM) system fed by batch data from the ERP. Key disadvantages of a batch processing model vs real time data integration: Transaction Velocity Business impact of compliance blocks (such … Continue reading “Disadvantages of Batch Processing”
Harmonized Tariff Schedule (HTS) is an international goods classification system that is designed for worldwide customs use. The U.S. defines products using ten digit HTS codes. In order to import merchandise in a timely manner and to comply with relevant laws and regulations, it is indispensable to use reasonable care in classifying the merchandise with … Continue reading “Special Classification Provision – Chapter 98”
Most US importers are familiar with duty. They pay duty (and applicable MPF/HMF) on many of their imported goods – particularly those that are not granted 0 duty by virtue of a free trade deal. Unfortunately, too many companies consider this cost a “necessary cost of business” and simply plan for it in their budgets. These … Continue reading “Duty Drawback – Benefits and Challenges”
