CV and TP Guide The World Customs Organisation (WCO) has released its ‘Guide to Customs Valuation (CV) and Transfer Pricing (TP)’ which includes the International Chamber of Commerce (ICC) proposals for more coherent tax and customs revenue collection. The guide provides concrete guidance on revenue collection to governments around the world and aims to harmonise revenue collection between customs and tax authorities. It is designed to be accessible to both experts and nonexperts and explores the linkages and possibilities for Customs to use TP information to examine international transactions within a multinational group – multinational enterprises (MNE). For some time the ICC has been calling on governments to address the major challenges that businesses face due to discrepancies between the CV approach – based on the World Trade Organisation (WTO) Valuation Agreement – and the ‘arm’s length principle’ for profit tax purposes approach based on the Organisation for Economic Co-operation and Development (OECD) TP Guidelines. The ICC has committed itself to encouraging the OECD and the United Nations (UN) to work towards further coherence of customs and tax authorities. In response to rising concerns within the business community the ICC identified seven innovative and pragmatic solutions based on convergence to secure, clarify and simplify TP and CV rules gathered from customs experts from businesses worldwide. Trade finance On 13 July 2015 WTO director-general Roberto Azevêdo outlined the major gaps that exist within the provision of trade finance, particularly in Africa and Asia, and the major impact that this can have on growth and development. According to him, trade has played a major role in the successful global effort to halve extreme poverty, and it can do a great deal more in the years to come. A range of policy measures is needed to make sure that the poor experience the full benefits of trade. The WTO identified trade finance as a key issue, as up to 80% of global trade is supported by some sort of financing or credit insurance. The estimated value of unmet trade finance in Africa is between US$110 billion and US$120 billion. The WTO believes that the bridging of this gap can unlock the trading potential of many thousands of individuals and small businesses across the African continent. Duty Calls – Watch List Comment on the proposed review of the rebate provision on plates, sheets, film, foil and strip of polymers of propylene, biaxially oriented, for the manufacture of self adhesive tape is due by 31 July 2015. Sacu manufacturers of blankets, polyethylene terephthalate (PET), bolts and nuts of iron or steel and unframed glass mirrors who wish to submit a request for the anti-dumping duty to be reviewed prior to the expiry thereof must do so by 27 July 2015.
