Duty alert: Ready for "REX"?
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1) The document discusses the Registered Exporter (REX) scheme which will replace the current GSP 'Form A' system for claiming tariff preferences under the Generalized System of Preferences (GSP). 2) Starting January 1, 2017 exporters in six countries (Congo, Democratic Republic of Congo, India, Kenya, Laos, and Solomon Islands) must register with the competent authority and will make invoice declarations instead of issuing Form A certificates. 3) Importers claiming GSP preferences from these countries need to ensure their suppliers are registered under REX, otherwise they may lose the tariff reduction and have to pay the full customs duty as Form A certificates will be phased out.
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GST - RoDTEP(Remission of Duties and Taxes on Exported Products)-Eligibilty a...
GST - RoDTEP(Remission of Duties and Taxes on Exported Products)-Eligibilty a...Steadfast Business Consulting
The RoDTEP (Remission of Duties and Taxes on Exported Products) scheme is the Indian government's new export incentive initiative to boost exports by reimbursing taxes and duties incurred by exporters. It replaces the existing MEIS (Merchandise Exports from India Scheme) and aims to make Indian exports more cost-competitive by refunding taxes that are currently not refunded under any other mechanism. Exporters can avail of the benefits of the RoDTEP scheme by creating an e-credit ledger on the ICEGATE portal and declaring their intent to claim RoDTEP benefits in shipping bills for eligible exported goods.ITU 01/2017
The document summarizes key indirect tax developments in the UK, including:
1) Prime Minister Theresa May confirmed the UK will leave the EU single market and customs union, meaning UK-EU trade will require customs formalities and tariffs. This will significantly impact businesses that trade with the EU.
2) The Court of Justice ruled that car parts salvaged from scrap vehicles can be considered "second-hand goods" for VAT purposes, allowing their sale under the favorable VAT margin scheme.
3) The First-tier Tribunal allowed several pension schemes to belatedly amend their grounds of appeal in a long-running VAT case regarding fund management fees, considering it fair to admit a new argument related to ongoing
Renewed hopes on GST - Dr Sanjiv Agarwal
Renewed hopes on GST - Dr Sanjiv Agarwal - Article published in Business Advisor, dated June 25, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM
EU Commission proposes major VAT changes
Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL) that provides assurance, tax, and advisory services. GTIL and each of its member firms are separate legal entities and are not agents or liable for one another. Services are delivered independently by each member firm.
Effect of GST on Mutual Funds
General knowledge on GST to understand the biggest tax reform in the Indian Economy.
Note: It's just a brief on GST and does not get into the intricacies. Thank you for viewing.
Overview of Goods and Services Tax (GST)
Goods and Services Tax is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
Gst
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses that GST subsumes multiple indirect taxes into a single tax applied at the national level. GST is composed of Central GST and State GST for intrastate commerce, and Integrated GST for interstate commerce. The document outlines the tax structures before and after GST, registration requirements, tax rates, and exemptions. It also notes some flaws in the GST model related to additional taxes paid by local dealers and service supplies within a state.
GST in India
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses that GST subsumes multiple indirect taxes into a single tax applied at the national level. GST is composed of Central GST and State GST for intrastate transactions, and Integrated GST for interstate transactions. Taxpayers must register and file regular returns under GST, claiming input tax credits to offset outputs and remit the balance. The target GST rate is around 16%, with exemptions for alcohol, tobacco, and petroleum products. Implementation required changes to tax structures and IT systems across India.
Gst on E-commerce
- The GST Act provides legal recognition and clarity for e-commerce models in India.
- It defines key terms related to e-commerce such as "electronic commerce", "aggregator", and "electronic commerce operator".
- For e-commerce companies, the warehousing strategy may need to be re-engineered under GST to meet client proximity needs rather than tax considerations alone.
Goods And Service Tax
Introduction
Structure of GST
Input Tax Credit
Composition Scheme
Classification of Goods and Services
Advantages and Disadvantages of GST
Budget impact 2017-18
The document summarizes key aspects of India's 2017-18 Union Budget. It outlines the agenda for the year, which focuses on transforming governance, energizing various sections of society, and cleaning the country from issues like corruption. It also summarizes major policy announcements, including liberalizing FDI rules and listing railway PSEs, as well as key proposals for direct taxes like income tax rates and corporate tax rates, and indirect taxes including changes to customs and excise duty tariffs.
Brexit - Trade and Supply Chain Implications - BDO
What will be the Brexit implications for your supply chain?
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Developing a Brexit Strategy - Longer Term Planning
Tax guide02 feb_2017_english
Tax Guide is a monthly publication of MUC Consulting Group covering latest information on tax and accounting world. Any opinion published in Tax Guide is not a representative of MUC Consulting Group’s view.
Briefing paper: Making Tax Digital
HMRC plans to require all UK businesses to file tax returns digitally by 2020 as part of its "Making Tax Digital" (MTD) initiative. This will require businesses to invest in new software and systems that can communicate with HMRC digitally. Concerns have been raised about the challenges businesses may face in implementing these changes by the deadlines. Businesses need to start planning and budgeting now to ensure they can meet the new digital filing requirements on time despite the potential difficulties and costs of transitioning to the new system.
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GST - RoDTEP(Remission of Duties and Taxes on Exported Products)-Eligibilty a...
GST - RoDTEP(Remission of Duties and Taxes on Exported Products)-Eligibilty a...
Brexit - Trade and Supply Chain Implications - BDO
Brexit - Trade and Supply Chain Implications - BDO
More from Graham Brearley
ITU 10/2018
The document summarizes three recent court cases related to indirect tax:
1) The Court of Justice of the European Union ruled that a holding company letting property to its subsidiary constituted involvement in management, allowing the holding company to reclaim input tax on acquisition costs.
2) The UK Supreme Court ruled that a company that left a VAT group was not acting as an agent of the group when it later claimed a VAT refund, and thus the representative member of the VAT group was not entitled to the refund.
3) The UK Court of Session ruled that the supply of temporary modular classrooms was a taxable service, not a supply of an interest in land that would be VAT exempt, as the company had no interest in
ITU 07/2018
The document summarizes several indirect tax cases from the UK.
The first case discusses an Advocate General's opinion in a case referred to the Court of Justice by the Irish Supreme Court involving Ryanair's attempt to reclaim VAT fees from an unsuccessful takeover bid of Aer Lingus. The Advocate General believes Ryanair is entitled to reclaim the VAT.
The second case discusses a First-Tier Tax Tribunal case involving Marks & Spencer's "Dine In for £10 with free wine" promotion. The tribunal agreed with HMRC that VAT was due on the wine as customers paid for a package including the wine.
The third case discusses a First-Tier Tax Tribunal case involving a Guern
Case alert: Summit Electrical Installations Ltd Upper Tribunal Judgment
Whether services can be zero-rated when supplied to a main contractor. Whether planning restrictions on occupation prevents zero-rating
ITU 08/2018
The document summarizes two recent indirect tax cases in the UK:
1) HMRC v Summit Electrical Installations Ltd - The Upper Tribunal dismissed HMRC's appeal and agreed with the First-tier Tax Tribunal's decision that the taxpayer could zero-rate its electrical installation services for a new student accommodation building, as the building qualified as a dwelling under VAT law.
2) Bratt Autoservices Ltd - The Court of Appeal dismissed the taxpayer's appeal and agreed with the Upper Tribunal that the taxpayer's 2009 VAT repayment claim was not valid because it did not allocate amounts to the taxpayer's prescribed accounting periods as required by VAT law.
Vat Alert: Reverse Charge on Construction Services
The document discusses HMRC's proposal to introduce a 'reverse charge mechanism' for VAT on construction services to combat VAT fraud in the industry. Under the new rules, the customer would be responsible for accounting for VAT on supplies received rather than the supplier. This would prevent suppliers from charging VAT but not paying it over to HMRC. The draft legislation provides a wide definition of construction services that would be subject to the reverse charge, including building works, repairs, and various site works. While measures to tackle fraud are necessary, commentators note that the broad scope means nearly all subcontracted construction services would be affected, with wider impacts than originally planned.
ITU 09/2018
The document summarizes three recent indirect tax cases:
1) Wetheralds Ltd - The Upper Tribunal ruled that a thermally efficient roofing system was a supply of a new roof rather than insulation materials, and was thus subject to the standard VAT rate of 20% rather than the reduced 5% rate.
2) Abbotsley Ltd - The Upper Tribunal confirmed that affiliation fees paid by proprietary golf clubs to golf associations were exempt from VAT as being essential to sport.
3) Hutchison 3G UK Ltd - The First-tier Tax Tribunal dismissed H3G's argument that the tax point for mobile phone contracts should be when services are used rather than when monthly payments are received.
ITU 06/2018
The document provides summaries of three recent court rulings related to indirect tax:
1) The Advocate General issued an opinion in Volkswagen Financial Services v HMRC, finding that vehicle financing arrangements constitute a single taxable supply of a vehicle, entitling the company to full VAT recovery on overheads. This contradicts the UK's view of separate taxable and exempt supplies.
2) The Court of Appeal ruled against Wakefield College in its claim that education provided to students paying partial fees due to financial hardship was not an "economic activity" subject to VAT, as the partial fees constitute remuneration rather than consideration.
3) The Upper Tribunal dismissed HMRC's argument that payments by Marriott
Case Alert - University of Cambridge
The document summarizes a court case between the University of Cambridge and HMRC regarding whether the University can reclaim VAT incurred on fund management fees. The University operates an endowment fund managed by a third party, which charges fees. The University argues these fees are overheads that can be partially reclaimed under its partial exemption special method. HMRC argues the fees are consumed by investment activities and not reclaimable. Lower courts sided with the University, but the Court of Appeal referred the case to the European Court of Justice for guidance on interpreting relevant VAT directives and prior cases.
Vat Alert - Cost Sharing Groups
HMRC has announced changes to the UK's VAT rules relating to cost sharing groups (CSGs) following recent judgments from the Court of Justice of the European Union. The changes mean the VAT exemption for CSGs will now only apply to entities providing certain public interest services listed in the VAT Directive, such as postal, education, and health services. Banking and insurance entities are no longer eligible. HMRC will also restrict CSG membership to UK entities and require recharges to members be made only at cost. Entities correctly applying previous guidance have until the end of May 2018 to comply with the new rules.
ITU 05/2018
HMRC revises its policy in relation to cost sharing groups following judgments from the Court of Justice. Specifically, HMRC will no longer allow the cost sharing exemption for financial and insurance businesses as the Court of Justice ruled the exemption is not available to these sectors. HMRC will provide a two month transition period for affected businesses to regularize their VAT positions. Additionally, the Court of Appeal case involves determining whether VAT on fund management services provided to the University of Cambridge's endowment fund can be attributed to the overall activities of the University.
Case Alert - VWFS - Advocate General's opinion
This document summarizes an Advocate General's opinion in a case between HMRC and Volkswagen Financial Services (UK) Ltd regarding VAT treatment of hire purchase agreements. The Advocate General opined that input VAT incurred by VWFS on overheads cannot be recovered as it relates to the exempt supply of credit. However, the UK's treatment of hire purchase transactions as two separate supplies is incorrect under EU law - they should be treated as a single taxable supply of a car with an incidental credit element. If the court agrees, it would entitle VWFS to recover all input VAT but require accounting for output tax on interest charged. The opinion creates uncertainty for finance industry VAT treatment going forward.
Case Alert - Wakefield College - Court of Appeal
The Court of Appeal unanimously dismissed Wakefield College's appeal of a decision that denied VAT zero-rating for the construction of a new college building. While most of the College's students either paid no or subsidized fees, the Court found this still constituted consideration for education and made it an economic activity, precluding VAT zero-rating. The Court distinguished consideration under VAT Directive Article 2 from remuneration under Article 9, finding the College's activities were remunerated and economic in nature. This clarified that satisfying Article 2's consideration test does not automatically deem an activity non-economic under Article 9. The College's attempt to analogize to a prior legal aid case was rejected.
Case alert - Ryanair - Advocate General's opinion
This summary provides the key details from the document in 3 sentences:
The document discusses an Advocate General's opinion in a case referred to the Court of Justice of the European Union concerning whether the Irish airline Ryanair was entitled to reclaim VAT incurred on professional fees relating to its failed 2006 bid to acquire rival airline Aer Lingus. The Advocate General considers that Ryanair is entitled to reclaim the input VAT, both because there was an intention to provide management services and because the cost of acquiring Aer Lingus shares was to directly and permanently extend Ryanair's taxable air passenger transport services business. This is the case even though the takeover bid was ultimately blocked and the management services were not provided.
ITU 06/2018
The document provides summaries of three recent court rulings related to indirect tax:
1) The Advocate General issued an opinion in Volkswagen Financial Services v HMRC, finding that vehicle financing arrangements constitute a single taxable supply of a vehicle, allowing the company to recover input tax on overheads.
2) The Court of Appeal ruled against Wakefield College in its claim that education provided to students paying partial fees was not an economic activity for VAT purposes, as the partial fees constitute consideration.
3) The Upper Tribunal dismissed HMRC's argument that payments by Marriott Rewards to redeeming hotels were third party consideration, but also ruled that neither Marriott nor Whitbread established the UK or US
Case Alert - Marks & Spencer
This document discusses a case regarding a promotional offer by Marks & Spencer (M&S) where customers could purchase three food items for £10 and receive a free bottle of wine. HMRC considered that the deal was actually for four items for £10 and that VAT should be paid on the portion of the £10 attributable to the wine. The First-tier Tax Tribunal agreed with HMRC's view, finding that the economic reality was a package deal rather than items plus a free gift. It determined that the £10 payment should be apportioned with VAT paid on the wine portion. The Tribunal emphasized examining the commercial substance of promotions for accurate VAT determination.
Case Alert - Marriott Rewards / Whitbread - Upper Tribunal
The Upper Tribunal issued a judgment regarding the VAT treatment of payments made through Marriott's customer loyalty rewards scheme. The Tribunal determined that payments from Marriott Rewards LLC to participating hotels were consideration for redemption services provided to MRL, rather than third-party consideration for accommodation supplied to customers. It also found that these redemption services constituted a supply of services related to land in the UK, rather than advertising services, meaning UK VAT was due. Both MRL and Whitbread's appeals were dismissed.
ITU 04/2018
The document provides updates on recent indirect tax cases from the UK courts, CJEU, and Brexit developments.
The CJEU issued an opinion in DPAS Ltd, finding that DPAS's service of collecting payments from patients and transferring them to dentists was not exempt from VAT as a payment transaction, but rather a taxable debt collection service, even though the contracts were amended to provide the service to patients rather than dentists.
The CJEU also ruled in a case from Slovakia that when a supplier issues supplementary VAT invoices to correct an underpayment of VAT, the time limit for claiming VAT refunds should run from the date of the supplementary invoices, not the original supplies.
Finally,
Case Alert DPAS Ltd - Advocate General's opinion
Whether collection of direct debits constitutes a transaction concerning payments or transfers and exempt from VAT - AG considers not
Brexit Alert
This document summarizes an agreement reached between the UK and EU to establish a transitional period after Brexit. Key points include:
- The UK will leave the EU in March 2019 but remain in the single market and customs union until December 2020.
- Goods moving between the UK and EU during this period will be treated as intra-EU trade in regards to customs and VAT.
- The agreement provides businesses more certainty and time to prepare for changes taking effect after the transitional period ends. However, the deal still requires approval from all EU member states.
Case Alert: Kreuzmayr CJEU Judgment
CJEU issues judgment on place of supply issue relating to two supplies but a single transportation - Also deals with recovery of incorrectly charged input VAT
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Case alert: Summit Electrical Installations Ltd Upper Tribunal Judgment
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Vat Alert: Reverse Charge on Construction Services
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Fabular Frames and the Four Ratio Problem
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
高仿英国伦敦艺术大学毕业证（ual毕业证书）文凭证书原版一模一样
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留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
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【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信bwp0011】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信bwp0011】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
Dr. Alyce Su Cover Story - China's Investment Leader
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https://www.britannica.com/event/Expo-Shanghai-2010
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Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
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May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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【我们承诺采用的是学校原版纸张（纸质、底色、纹路）我们拥有全套进口原装设备，特殊工艺都是采用不同机器制作，仿真度基本可以达到100%，所有工艺效果都可提前给客户展示，不满意可以根据客户要求进行调整，直到满意为止！】
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信号:176555708】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信号:176555708】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
留信网服务项目：
1、留学生专业人才库服务（留信分析）
2、国（境）学习人员提供就业推荐信服务
3、留学人员区块链存储服务
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：客户在留信官方认证查询网站查询到认证通过结果后付款，不成功不收费！
13 Jun 24 ILC Retirement Income Summit - slides.pptx
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
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Duty alert: Ready for "REX"?
- 1. © 2016 Grant Thornton UK LLP. All rights reserved. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. This publication has been prepared only as a guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication. grant-thornton.co.uk GRT100456 Summary The REX scheme launches on 1 January 2017 in six countries replacing the GSP 'Form A' system. GSP 'Form A' certificates will start to be phased out and invoice declarations will be required so that importers can claim GSP preference. Importers need to ensure that suppliers based in the affected countries are registered with the competent authority in the country of export. Failure to do so may result in a loss of GSP benefit for the importer meaning that the full rate of customs duty will be payable. 31 October 2016 Scheme to replace GSP certificates launches on 1 January 2017 What is REX? The Registered Exporter scheme ("REX") is a system which requires exporters in GSP beneficiary countries to make invoice declarations rather than (as currently), issuing "GSP Form A" certificates. Exporters in affected countries will need to register with their local competent authority, and this information will be shared electronically with EU customs systems. Registration under the REX scheme will mean that "GSP Form A" certificates will eventually disappear. We also understand that EU importers will be required to validate REX numbers when making an import declaration in a similar way to how VAT numbers are currently validated for intra-union trade using the VIES system. Why is this happening? REX is an IT change which has been mandated by the introduction of the Union Customs Code ("UCC"). It is considered to be a facilitation measure by the EU Commission to make international trade documentation electronic. It will also allow EU based traders to export materials to GSP beneficiary countries in order for them to incorporate into products (cumulation,) and to re-consign goods covered by GSP preference, which has been difficult in the past. When is this happening? Six countries will use REX from 1 January 2017 and may, therefore stop issuing GSP certificates from that date. The six countries are Congo, Democratic Republic of Congo, India, Kenya, Laos, and the Solomon Islands. Between now and 2020, all GSP beneficiary countries must implement the REX system or lose preferential access to the EU market. What should businesses do? Businesses that currently benefit from GSP preference when importing from the six countries listed above should ensure that their suppliers in those countries are registered for REX as a matter of urgency. GSP certificates are likely to disappear quickly after launch, and as such, any imports from traders not registered under the REX scheme will not benefit from a duty reduction when the goods arrive in the EU. It is also important to stress that REX will not remove an importer's obligation to ensure that goods for which preference is claimed actually meet the relevant rules of origin. For further information on this important development, please contact any of the specialists listed below. Importers: Are you ready for "REX" ? New preference system to be introduced 1 January 2017 Duty Alert Contact Adam Taylor Customs Senior Manager Adam,R.Taylor@uk.gt.com (0)117 305 7843 Ben Price Customs Manager Ben.D.Price@uk.gt.com (0)207 728 3426 Ilektra Sarri Customs Executive Ilektra.Sarri@uk.gt.com (0)207 728 3437 Michael Alexander Customs Executive Michael.D.Alexander@uk.gt.com (0)207 728 2532