TP and CV Policy Statement The International Chamber of Commerce (ICC) on 10 February released its second “Policy Statement Transfer Pricing and Customs Valuation (2015)”, updating the previously released policy statement of 29 February 2012. The statement was jointly prepared by its Commission on Taxation and the Commission on Customs and Trade Facilitation. The statement supports companies that face the challenge of determining the appropriate related party valuation of goods in the context of disparity between governments’ customs and fiscal policies. The frequent disparity between customs and tax regulations results in significant difficulties for international business and trade flows. The ICC strongly believes that tax and customs examinations should yield the same value, and harmonisation of transfer pricing and customs valuation between related parties in an international context is in the interests of all concerned. The ICC has called upon governments to ensure convergence of fiscal and customs valuation approaches by implementing the tangible proposals outlined in the ICC Policy statement. The statement has been offered to the Organisation for Economic Co-operation and Development (OECD) – working on the revision of its transfer pricing guidelines – within its G20 Base Erosion and Profit Shifting (BEPS) taxation project. The statement will be included by the World Customs Organisation (WCO) in the WCO’s Revenue Package, which provides guidance (tools and guidelines) to Customs administrations around the world on their revenue collection. The WCO Revenue Package will be released in spring 2015. Fake Permit Warning The International Trade Administration Commission of South Africa (Itac) has warned of the illegal practices by some individuals who act as Itac representatives and charge an exorbitant amount of money for the application of import and export permits. It has received numerous complaints and enquiries from the people concerned whose import and export permits have been rejected by the Customs authorities at the ports of entry because they were fake and not actually issued by Itac. Permits are issued free of charge and information on the import and export permit application process is available on its website (www.itac.org.za). New Itac Website Itac has launched a new, interactive website which is part of its plans to improve access to information. Duty Calls Watch List Papers for the WCO 10th annual WCO Picard Conference are due by 01 June 2015. Comment on the proposed amendments to the deferment scheme is due by 27 February 2015. Comment on the creation of Rebate Items for woven fabrics used in the manufacture of upholstered furniture, and the creation of a Rebate Item for goods used in the manufacture of prepayment electricity supply meters is due by 27 February 2015.
