Argentina is implementing a new Foreign Exchange (FX) Control Regime. Through this regime, the Argentine Central Bank (BCRA) regulates operations that are carried out through the FX market, providing different requirements for each transaction.
The Argentine control organizations have imposed various regulations and restrictions, especially regarding operations that may result in an outflow of foreign currency from the country.
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Recent proposals in the United States to impose border adjustments on certain imports from heavy carbon emitters, while in the early stages and likely to face challenges, represent new initiatives to address climate change – the use of established trade mechanisms. These efforts have attracted the attention of countries that could be affected by such adjustments.
Taiwan Customs has implemented a real-name authentication mechanism since May 2020. Unlike other countries where third party logistics providers are able to import goods on behalf of customers, Taiwan Customs requires customers to be the formal importer of record (IOR). This means customers will need to declare their imports through an app called EZ WAY.
Under this mechanism, if a buyer fails to complete the authentication through the EZ WAY application or attach paper customs documents for real-name authentication, the importer will receive a “yellow flag” warning for the first violation.
With effect from 1 February 2022, the Immigration & Checkpoints Authority (ICA) officers at the cargo checkpoints will stop manual endorsements of Cargo Clearance Permits (CCPs) to ease the cargo clearance process at the checkpoints. This applies to all conventional and containerised cargo, with the exception of:
As of 8 November 2021, the Philippines is part of the ATA Carnet System after the Senate ratified the Convention on Temporary Admission through the passage of Senate Resolution 832.
On 29 October 2021, the Ministry of Finance (MOF) unveiled its Budget 2022. Please find highlighted the proposed amendments that relate to customs and international trade.
On 10 November 2021, Japan Customs released its annual report on customs audits. The report covered customs audits on 715 importers conducted from July 2020 to June 2021.
As part of the ‘DaziT’ transformation programme of the Swiss Federal Customs Authority, the IT landscape for customs processes will be renewed: The current IT systems ‘NCTS’ and ‘e-dec’ will be replaced by a new system ‘Passar’ within the next four years in phases.
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The Dutch tax authorities informed HollandBio (the interest group of biotech companies in the Netherlands) about the Dutch VAT treatment of Advanced Therapy Medicinal Products (ATMPs), such as cell and gene therapy and tissue engineered products. According to the Dutch tax authorities, Advanced Therapy Medicinal Products (ATMPs) qualify as medicines, which means that these products are subject to the reduced Dutch VAT rate of 9%. This is in line with European regulations, where ATMPs are regarded as medical products.
I would like to share with you further information regarding the plastic packaging tax to be introduced in Italy presumably in January 2022.
PwC Switzerland ITX
Michaela Merz 