International Trade updates

British Virgin Islands

Relief all round – Court of Appeal upholds relief from sanction
  • British Virgin Islands
  • 03 May 2019

The BVI Court of Appeal recently denied an appellant declaratory relief and upheld the respondents' relief from sanction, as granted by the lower court. While this judgment will inevitably provide some comfort to those that find themselves facing sanctions having inadvertently failed to comply with a rule, practice direction or order, it is a timely reminder for everyone that it is better to remain vigilant and compliant than to rely on the court's jurisdiction to grant relief from sanction.


European Union

European Commission issues notice on recovery of unlawful and incompatible state aid
  • European Union
  • 04 October 2019

The European Commission recently published a new notice on the implementation of its decisions ordering the recovery of state aid. The recovery notice is far more detailed than the 2007 notice which it replaces and reflects recent developments in European Commission practice, including by providing more detail on tax state aid cases. For example, the notice provides new detailed guidance on issues such as the quantification of the state aid to be recovered.


International

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International Law Office
  • International
  • 07 April 2021

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Back to basics: free trade agreements
Gowling WLG
  • International
  • 12 March 2021

This article provides a primer on free trade agreements (FTAs). It considers where FTAs sit in the context of the World Trade Organisation rules, the nature of FTAs and their purpose in the context of international trade and the key elements for businesses to consider in the context of seeking to benefit from FTAs, including preferential rules of origin, tariff classification and direct transport.

World Trade Organisation: an introduction
Gowling WLG
  • International
  • 05 February 2021

The World Trade Organisation (WTO) is an umbrella organisation providing the forum for negotiation, treaty revision and dispute settlement. The WTO currently has 164 members, accounting for 98% of world trade. This article provides an overview of the WTO, including its origins, membership, structure, mandate and decision-making processes.

COVID-19 Weekly Report (11-17 May 2020)
International Law Office
  • International
  • 18 May 2020

The impact of COVID-19 is being felt in almost every work area across the globe. In order to keep readers abreast of this evolving situation, ILO's COVID-19 Weekly Report provides insight into the major legal developments of the past seven days, as well as a round-up of our panel of experienced international legal commentators' legislative and regulatory guidance.

COVID-19 Weekly Report (4-10 May 2020)
International Law Office
  • International
  • 11 May 2020

The impact of COVID-19 is being felt in almost every work area across the globe. In order to keep readers abreast of this evolving situation, ILO's COVID-19 Weekly Report provides insight into the major legal developments of the past seven days, as well as a round-up of our panel of experienced international legal commentators' legislative and regulatory guidance.


Mexico

Contributed by Ramos, Ripoll & Schuster
Various accords and decrees modified following new LIGIE's entry into force
  • Mexico
  • 12 February 2021

The new General Import and Export Duties Law recently entered into force, introducing a number of changes to tariff items. In addition, several accords and decrees have been modified in order to ensure that the non-tariff regulations and restrictions and preferential general import tax rates are applied to goods correctly.

IMMEX Decree amended
  • Mexico
  • 05 February 2021

In order to make the Decree for the Promotion of the Manufacturing, Maquiladora and Export Services Industry consistent with the new General Import and Export Duties Law and the US-Mexico-Canada Agreement, a number of the decree's annexes have been modified, including with respect to Annex I and Annex II tariff items.

TIGIE National Notes come into force
  • Mexico
  • 29 January 2021

In December 2020 the National Notes entered into force. The National Notes are the official interpretation instrument of the General Import and Export Tariff Code of the new General Import and Export Duties Law, the application of which is mandatory to determine the tariff classification of goods entering and leaving Mexico. As a result, the Explanatory Notes of the Harmonised System have been abrogated.

Are you ready for the new General Import and Export Duties Law?
  • Mexico
  • 22 January 2021

The new General Import and Export Duties Law (LIGIE) recently entered into force, updating the General Import and Export Tariff Code by removing more than 4,000 obsolete tariff items, consolidating the existing tariff items and introducing new tariff items for newly created goods. The new LIGIE also implements the Sixth Amendment to the Harmonised System established by the World Customs Organisation and introduces a commercial identification number.

Key changes to Foreign Trade General Rules
  • Mexico
  • 15 January 2021

The Tax Administration Service recently published the Third Resolution of Modifications to the Foreign Trade General Rules 2020. This article sets out the key changes in this respect, which concern suspension from the importer registries, requests to rectify a pedimento form, commercial information numbers and fines.


Russia

Experimental system launched to trace imported products
Gorodissky & Partners
  • Russia
  • 27 September 2019

In May 2019 an interstate agreement was concluded within the framework of the Eurasian Economic Union, under which it was agreed to introduce a system to enable certain categories of imported goods to be traced. Now, Russia has launched an experimental version of such system, which will remain in place until 31 December 2019. Among other things, the system is expected to lead to a reduction in the level of record falsification in the market and better control the payment of taxes.

New law entitles Russian exporters of services to deduct VAT
Gorodissky & Partners
  • Russia
  • 10 May 2019

The Duma provides certain incentives to encourage businesses to operate in Russia. For example, it recently passed a law which permits Russian exporters and Russian subsidiaries of foreign companies that provide services to foreign clients and other companies within such client's groups to deduct the full amount of value added tax for these services. The new law, which was drafted in response to the digital economy, will increase competition in the outbound services market.