Irad Sinkala on LinkedIn: ABOUT INCOTERMS IN INT'L TRADE The International Chamber of Commerce… (2024)

Nigeria Customs Service working to boost trade and revenue! Good news for businesses and the Nigerian economy! The Nigeria Customs Service (NCS) is collaborating with the FAAC Post-Mortem Sub-Committee to improve trade facilitation and revenue generation.Here's what they're doing:Dedicated export terminal: Faster processing for export goods.Meetings with exporters: Addressing challenges and streamlining processes.Special lane for export containers: Expediting export shipments.Time Release Study: Identifying bottlenecks and improving efficiency.Authorized Economic Operators program: VIP treatment for trustworthy businesses.Advanced Rulings: Providing predictability for trade transactions.The NCS is committed to supporting businesses and economic growth in Nigeria.They're tackling challenges like fluctuating exchange rates to ensure a smooth trading environment.Read More: https://lnkd.in/dtJdU5Ab#Nigeria #Trade #Business #Economy #Customs #Export #Import #FAAC

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The Nigeria Customs Service is committed to continuous improvement and modernization, ensuring that trade facilitation processes meet global standards and enhance the ease of doing business in Nigeria. The NCS’s remarkable improvement in global rankings, such as the Logistics Performance Index and PEBEC, is indicative that excellence and implementation of impactful trade facilitation measures remain possible.Recent reforms and initiatives under the NCS ACT 2023 provide a strong foundation for more efficient custom operations aiming to streamline procedures, reduce delays, and increase transparency. Since one cannot clap with one hand, collaboration with all key stakeholders remains critical in achieving the goals of creating a conducive business environment. The NCS revenue collection for the Country rose 122.35% compared to Q1 2023. The leadership of the Comptroller-General has seen the implementation of impressive initiatives like the Time Release Study, the transition from Fast Track 2.0 to the Authorized Economic Operator (AEO) program, and the introduction of the Advanced Ruling System. These, along with the Nigeria Integrated Customs Information System (NICIS) and the Pre-Arrival Assessment Report (PAAR), aim to improve efficiency, facilitate trade, and reduce costs and clearance times. These reforms will support Foreign Direct Investments in Nigeria. (culled from key messages of the Comptroller-General and the notes from the American Business Council team).

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Have you heard about the VAT on Export and its impact on exporting exempted products? 🤔 Let me break it down in simple terms for you with an example.Let's say you're exporting processed product which an exempted product in Tanzania. However, since they need to be processed in customs during exportation there will be VAT payable on it since its processed products. So, it's always important to stay updated on the regulations and laws to avoid any surprises and ensure smooth trade.

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The importance of clearing agents in Zambia lies in their pivotal role in facilitating international trade. Here are some key points:Licensing and Representation:Any company incorporated and registered under the Companies Act in Zambia is eligible for licensing as a clearing agent.These agents represent importers and exporters, ensuring compliance with customs regulations and payment of duties to the Zambia Revenue Authority (ZRA) 1.Strategic Information:Clearing agents handle critical information related to imports and exports.While multinationals gather 95% of this strategic information, it’s essential that ZRA, as a public institution, retains 100% of it 2.Efficient Trade Operations:Clearing and forwarding services are the linchpin of successful international trade.They ensure safe, timely cargo delivery while adhering to regulations 3.Professional Training:Upskilling customs clearing agents leads to faster clearance and transit of goods across Zambia’s borders.This benefits both the government (higher compliance and efficiency gains) and businesses 4.In summary, clearing agents play a crucial role in streamlining trade processes, compliance, and efficient cargo movement. 😊🌐frontways clearing and forwarding limited https://frontwayscf.co.uk/

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For Nigerian shippers and freight forwarders to excel in 2024, the Nigeria Customs Service must create a level playing field that will promote equal trade treatments and even competition amongst the trading public.Also, freight forwarders must brace up for changes and have basic understanding of the importance of applicable transport documents used in any contractual obligations and their requisite documentation processes and procedures.

Understand the intricacies of commercial transactions when importing goods. Our guide provides clarity on this crucial aspect of international trade: https://lnkd.in/e2Dkz-DZ#IOR #importerofrecord #internationaltrade

PUBLIC NOTICE - ZRA ENFORCES MANDATORY PRE-CLEARANCEThe Zambia Revenue Authority (ZRA) would like to inform all stakeholders that with effect from 1st May 2024, it will enforce mandatory pre-clearance, a trade facilitation tool aimed at enhancing service delivery on processing of all import and export transactions as provided for under Section 32B of the Customs and Excise Act, CAP 322 of the Laws of Zambia.This measure entails that:a) Bills of entry for all imports and exports should be registered and processed on the ASYCUDA World system, at least five (5) days before the goods arrive at the intended port of entry/exit.b) No importation/exportation without pre-cleared declaration(s) before the arrival of the consignment will be admitted into the borders.Additionally, transporters are required to use the newly introduced automated gate pass by pre-registering gate passes to avoid congesting the entry and exit gates.All players involved in trade logistics are therefore, requested to bring this notice to the attention of their members to ensure compliance with these measures.ACCESS TO THE GATE PASS TICKET1. The User will navigate to the Zambia Revenue Authority website at www.zra.org.zm2. The User will then select the CUSTOMS option on the home page; then click on 'Customs Portal'

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EXPORT EXPANSION GRANTThe Export Expansion Grant (#EEG) aims to support active exporters; expanding their international businesses. It is a post-shipment incentive designed to encourage Nigerian exporters to expand export volume, value and improve global competitiveness of Nigerian products.Guidelines & procedures* Must be registered with #CAC & #NEPC;* Must have carried out formal exports, with repatriation of proceeds into Nigerian bank account (#CBN confirmation needed);* Have a minimum annual export turnover of N5 million;* Be a #manufacturer/producer or merchant of products of Nigerian origin;* Show evidence of confirmed repatriation of export proceeds into a Domiciliary Account in #Nigeria and, submit baseline data which should include Audited Financial Statements and information on operational Capacity, Tax Clearance Certificate (#TCC) and Export Expansion Plan (#EPP) to the NEPC.Documents for EEG applicationAll applications for EEG are completed in duplicate with the following documents:* Forms #NXP duly certified by processing bank, Nigeria Customs Service and the Pre-Shipment Inspection Agent* Bill of Lading * Final Commercial Invoice* Single Goods Declaration (#SGD) Forms, duly endorsed by Nigerian Customs Service, both at the front and back* Evidence of full repatriation of export proceeds (CBN confirmation of repatriation of proceeds by exporter)* Clean Certificate of Inspection (#CCI) to include quality certification* Any other documentation as may be required by NEPC from time to timeFor more information on how to apply you can send DM.#export #nigerianbusiness #logistics #supplychain #importexport

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The Role of Customs Compliance Specialists in International TradeRonish Nigeria Limited is an expert in the realm of customs compliance. Our proficiency in international trade regulations and customs compliance is unrivalled. We specialize in aiding companies with their import and export operations, offering a comprehensive suite of services.Our expertise lies in navigating the intricate landscape of customs regulations, ensuring that businesses maintain adherence to these regulations while expanding their global footprint. We comprehend the intricate web of international trade regulations, which empowers us to guide companies away from costly errors.By skillfully mitigating risks, we safeguard organizations from penalties and operational disruptions. Simultaneously, we optimize cost structures, pinpoint savings opportunities, and enhance the efficiency of trade processes.Furthermore, our contributions extend to streamlining supply chain operations, minimizing delays, and simplifying complexities for global enterprises that aspire to achieve sustainable growth and success.In response to the escalating demand from our customers, we have embarked on training companies to effectively manage regulations and align them with their specific business needs. Visit here for more details:https://lnkd.in/eDX9aZEU#customscompliance #internationaltrade #supplychainoptimization #customsbroker #customsbrokerage #logistics #supplychain #businesses

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PRESS STATEMENT ON THE ENFORCEMENT OF SI 35 THE CITIZENS ECONOMIC EMPOWERMENT ACT, 2006Lusaka, 7th May 2024 Government has noted with concern abrogation, by exporters and importers, of the Citizens Economic Empowerment Act, 2006 (Act No. 9 of 2006) on Transportation of Heavy and Bulk Commodities by Road (Reservation) Regulations, 2021. Exporters and Importers have perpetually abrogated the law by engaging foreign transporters to move goods by road within Zambia. The law is clear in Section 3 (1) of the Act which is states that:“Subject to the Railways (Transportation of Heavy Goods) Regulations, 2018, a person who intends to transport a commodity by road shall give preference to a local road transporter in accordance with these Regulations”.Further, the law states that these regulations shall apply to (a) a producer, manufacturer or user of a raw material of a commodity; (b) an oil supplier; and extends to companies such as: (i) a logistics company; (ii) a clearing and forwarding company; and (iii) an oil marketing company; and the transportation by road of a commodity to a person’s plant, industry or place of business.Section 4 also directs as follows: “a person who intends to export a commodity referred to in the Schedule, from the Republic to another country, shall ensure that at least fifty percent of the commodity is transported by a local road transporter”. All companies involved in the export and imports of goods in Zambia are urged to abide by the law failure to which the Ministry, working with other law enforcement agencies will swing into action and ensure the culprits are brought to book in ensuring that business preference is given to local transporters as provided for by the Act. Let me assure all players in the transport sector that Government is taking serious steps into ensuring the law is adhered to by all players by ensuring that contracts in the Transportation of Heavy and Bulk Commodities by Road is given to local transporters. The Ministry has since started orienting authorized officers to enforce the Act to benefit the Zambian People. I urge all transporting companies to engage the Ministry whenever they face challenges or observe an illegality being done by an exporter or importer. Issued by:Mrs. Subeta Mutelo,Permanent Secretary Ministry of Small and Medium Enterprise DevelopmentOriginal copy signed.

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