International trade involves complex customs processes and regulations that can significantly impact the efficiency and cost-effectiveness of a trader’s operations. While some traders may choose to outsource their customs function to external service providers, there are compelling reasons why bringing the customs function in-house can be beneficial. Traders involved in international trade often rely on… Continue reading 10 Reasons to Bring Customs Function in-house
Six months ago, HMRC CDS import became mandatory, and it’s been a roller coaster for many. Plus, a new border target operating model (TOM) is coming in October 2023.
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The New Computerized Transit System (NCTS) has been a vital tool for companies engaged in international trade since its introduction in the late 1980s. Over the years, the system has undergone various updates and improvements, including the most recent upgrade from NCTS 4 to NCTS 5. All member countries of the Common Transit Convention (CTC)… Continue reading Upcoming Changes: NCTS4 vs NCTS5 – What Traders Need to Know Before November 2023
The STOP Act of 2018 was a significant piece of legislation designed to combat the flow of synthetic opioids into the United States. The act requires foreign postal operators to provide 100% advance electronic data on shipments entering the U.S. via mail. This requirement aims to increase the transparency of the supply chain and prevent… Continue reading Impact of STOP Act 2.0: What Businesses Need to Know
Heads up to all UK businesses with an XI EORI number! HM Revenue & Customs (HMRC) has recently announced that they will implement changes affecting businesses holding an XI EORI number. This move aims to ensure readiness for implementing the Northern Ireland Protocol. If you are a UK business with an XI EORI number and a GB… Continue reading Heads Up to UK Businesses with an XI EORI Number: HMRC Implements Changes for Northern Ireland Protocol Readiness
The customs industry plays a crucial role in international trade, facilitating the movement of goods across borders and ensuring compliance with various legal and regulatory requirements. As part of this process, customs officials are responsible for reviewing and verifying a vast amount of documents related to import and export activities. It is important for… Continue reading Five Easy Steps for Improving Customs Document Management to increase efficient and minimize risk
The UK government has been working to make business easier across borders and make trade processes more efficient. One of these projects is the Single Trade Window (STW), a digital platform that makes it easier for businesses that trade internationally to do business. This article will discuss the policy discussion paper on the… Continue reading UK Single Trade Window: Opportunities for Businesses & iCustoms Role
After nearly two years of negotiations, Britain has joined the 11-member strong Asia-Pacific trade bloc that includes Japan and Australia. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) presents a significant opportunity to expand its trading relationships beyond the European Union (EU) and drive economic growth. The CPTPP is a free trade agreement between… Continue reading Unlocking New Opportunities: How UK’s CPTPP Membership and Technology Will Reshape International Trade
In today’s fast-paced business world, companies must keep up with the ever-changing trade regulations to avoid delays, minimise risks and maintain a competitive edge. Trade compliance is an integral part of the supply chain and requires a deep understanding of the regulations, documentation requirements, and risks involved. To understand this in detail, iCustoms has organised… Continue reading The Future Of Trade Compliance: How Technology Is Revolutionising The Industry
While importing or exporting goods like tobacco, alcohol, narcotics etc. you must abide by several checks to do trade. Previously, it was very difficult for businesses to do the excise trade. EU has introduced a new system named Excise Management Control System (EMCS). This system has created a pace to manage the trade of such… Continue reading Navigating Excise Regulations With EMCS Technology
