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ICC Tackles Transfer Pricing and Customs Valuation

admin — Thu, 17 May 2012 18:59:56 +0000

The International Chamber of Commerce (ICC) recently issued a policy statement on “Transfer Pricing and Customs Valuation” aimed at supporting companies that face the challenge of determining the appropriate related party valuation of goods. These parties are subject to customs and fiscal examinations and thus are bound by differing laws, rules and contradictory interests. ICC believes that these examinations should yield the same value, and that a resolution to the problem is in the interests of all concerned.

The ICC Commission on Taxation has produced many proposals aiming to secure harmonized tax and customs valuation of transactions between related parties in an international context. These proposals are designed to help simplify regulations for companies and administrations and also to clarify rules for both parties so as to reduce financial impact linked to divergent valuation. Compliance costs to companies would be reduced if tax and customs administrations were to accept and implement these proposals. The policies could also minimize the risk of penalties resulting from opposing views between customs and tax authorities. The statement is set to be presented to governments and relevant international organizations shortly.

Government of Canada to Strengthen Safety of Imported Food

admin — Thu, 10 May 2012 21:42:32 +0000

The Canadian Food Inspection Agency (CFIA) recently announced plans to develop new regulations that will better protect consumers from unsafe imported foods. The proposed new regulations, a commitment of the Government’s Food and Consumer Safety Action Plan, would require food importers to be licensed and have measures in place to keep unsafe food out of the marketplace. The regulations are being developed in close consultation with industry so that food safety objectives can continue to be met with minimal burden on business operations. The proposed regulations would include a range of tools and streamlined processes to help importers—particularly small enterprises—transition to the new requirements. A user fee is being proposed to recover the cost of issuing the import licences.

Prince Rupert Leads the Way in N. America Port Growth

admin — Tue, 08 May 2012 20:15:16 +0000

Prince Rupert, British Columbia, was the fastest-growing container port in North America in 2011, ramping up its export strategy and spiking 59.1 percent export growth year-over-year.

Ports in the U.S. handled more than 80 percent of the laden North American container trade. The Southern California ports of Los Angeles and Long Beach accounted for 33.7 percent of North American imports, 20.7 percent of exports and 28.1 percent of the total trade.

U.S. ports handled the lion’s share of North American exports in 2011. Of the total 15.8 million laden TEUs moving overseas, U.S. ports handled 12.5 million. Exports through Canadian ports totaled nearly 2 million TEUs and Mexican ports moved 1.4 million TEUs in exports.

Overall North American imports in 2011 totaled 21.1 million laden TEUs, led by U.S. ports at 17.1 million TEUs; Canadian ports at 2.2 million; and Mexican ports at 1.7 million.

Air Freight (Domestic and International)

admin — Tue, 01 May 2012 19:21:40 +0000

Air freight markets turned up at the end of 2011 after shrinking through much of the summer and autumn as business confidence across major economies, and export orders, slumped. Surveys are now showing that business confidence, a leading indicator for changes in cargo markets, turned up in December, suggesting that industrial production and international trade may be stabilizing. Although international freight markets contracted 0.6% for the full year and 0.8% in December, compared to a year ago, December international demand was 1.5% ahead of the level in November. Freight markets have now shown sequential month-over-month growth in November and December, adding evidence to the view that international trade may be stabilizing. However, the situation for airlines in these markets has deteriorated significantly. Freight load factors declined considerably to 45.9% in 2011, as measures to match capacity with demand by reducing the freighter fleet have been offset by introduction of new twin aisle passenger aircraft.

DFAIT Regulation – Order amending the Area Control List (Burma)

admin — Fri, 27 Apr 2012 12:38:12 +0000

On April 24, 2012, the Government of Canada finalized the regulatory process to amend the Area Control List (ACL). This amendment formally removes Myanmar (Burma) from the ACL, a list of countries to which the Governor in Council deems it necessary to control the export or transfer of any goods and technology.

Exporters of uncontrolled goods and technology (items that are not listed on Canada’s Export Control List) no longer require an export permit issued under the authority of the Export and Import Permits Act in order to lawfully export those items to Burma (Myanmar)

Canadian International Merchandise Trade: Annual Review 2011

admin — Tue, 24 Apr 2012 20:21:02 +0000

In 2011, Canada’s international merchandise trade experienced a second consecutive year of gains – exports and imports combined – within 2.0% of the record levels posted in 2008. Canada’s exports totalled $457.6 billion in 2011. Imports increased 10.3% from 2010 to $456.4 billion. Canada’s trade balance went from a deficit of $9.0 billion in 2010 to a surplus of $1.2 billion in 2011, marking Canada’s first annual trade surplus since 2008.

Export levels to the United States in 2011 were just below those recorded a decade earlier, while exports to the United Kingdom and China grew more than four-fold from 2002 to 2011.

The share of exports to the United States has declined whereas the respective shares of exports to the United Kingdom and China have more than tripled. Exports to the United States increased to $330.1 billion in 2011.Exports to China amounted to $16.8 billion.Wood pulp and similar pulp remained the top export for a second consecutive year.

Between 2002 and 2011, the share of goods imported from the United States declined from 62.6% to 49.5%. In contrast, China’s share of imports has shown the largest gains, increasing from 4.6% in 2002 to 10.8% in 2011. The value of imports from the United States increased 8.6% from 2010 to $220.8 billion. China remained Canada’s second-largest source of imports for the 10th consecutive year.

Mexico remained the third-largest source of imports for the Canadian market in 2011, at $24.6 billion, up 11.1% from 2010

Steel and Steel Products Eligible for Customs Self Assessment (CSA)

admin — Tue, 17 Apr 2012 19:44:10 +0000

Steel products are now eligible for Customs Self Assessment (CSA) clearance and are exempt from general import permit (GIP) requirements at the time of Customs Self Assessment clearance. Individual permits will be eliminated for the importation of steel and steel products as of April 1, 2012.

Export Controls Handbook

admin — Thu, 12 Apr 2012 19:05:42 +0000

The Export Controls Handbook is designed to be the main reference tool to assist exporters with questions about the administration of Canada’s export controls which are administered pursuant to the Export Control List, the Area Control List and the Automatic Firearms Country Control List under the authority of the Export and Import Permits Act.

Information contained in this Handbook includes: how to obtain the necessary permits for the export or transfer of controlled items and how to comply with the requirements of the Export and Import Permits Act and its related regulations.

The Export Controls Handbook does not address requirements for the export of logs.

The Export Control List has not been changed. The current version of the Export Control List is found in A Guide to Canada’s Export Controls – June 2010.

Osaka Box Trade Hit Record High in 2011

admin — Tue, 10 Apr 2012 19:39:49 +0000

The number of foreign trade containers handled by the Port of Osaka in western Japan rose 9.8 percent in 2011 from the previous year to a record high of about 2.17 million twenty-foot equivalent units (TEUs). According to preliminary figures released by the Osaka municipal government, about 960,000 TEUs were exported last year, up 10.3 percent, and about 1.21 million TEUs were imported, up 9.3 percent.

Osaka is Japan’s fifth-largest container port after Tokyo, Yokohama, Nagoya and Kobe. Container numbers in trade with individual countries were not given. In terms of volume, Osaka handled about 32.43 million tons of container cargo in foreign trade in 2011. Exports totaled about 7.45 million tons and imports amounted to about 24.98 million tons.

Government Cuts Red Tape on Steel Imports

admin — Tue, 03 Apr 2012 19:37:04 +0000

On April 1, 2012 the Minister of International Trade and Minister for the Asia-Pacific Gateway announced the implementation of a new import system for steel and steel products. This measure will reduce congestion at the Canada-U.S. border and remove the financial and administrative burden facing Canadian businesses.

These new measures to streamline regulations and reduce the cost of import permits help improve the efficiency of North American supply chains and enhance manufacturing competitiveness in Canada.

Canadian manufacturers, producers, distributors and purchasers of imported steel and steel products will no longer be required to obtain individual import permits. Instead, they will use general import permits for all steel imports covered by the Federal Import Control List. Once implemented, the new border measure will eliminate the need for some 270,000 permits annually.