When trading internationally, it is essential to understand the compliance and costs implications. Understanding these helps businesses to grow sales and maintain profits globally.
The International Trade Tool was launched earlier this year by one of our GMCC Trusted Trainer, Resultz Ltd, to help businesses around the world understand the duty, taxes and documents requirements when exporting and importing.
What is the International Trade Tool?
This tool helps calculate import duties and taxes of all items covered in the tariff. The calculation not only covers the duty rates but also the different tax rates imposed on imports for each country listed. The calculation method is based on the World Trade Organizations methods of valuation, which considers the ways these methods are implemented by different countries.
The results also show standard import documents, suggested Incoterms for the shipment and basic country information for the country of import, all of which can be investigated further from the search results.
Duty Database: This tool will show the import duty either by description or tariff code for each country. This option is ideal if you do not know the code, as it can be researched. Then, if you want to calculate the landed cost, there is an option which will pre-populate the Duty Calculator.
Agreements and Documentation: The tool also includes the latest UK trade agreements, and you can download the Rules of Origin to see if you comply. Additionally, you will find the standard documents required for import into each country. There are also detailed descriptions on the different type of product specific documentation that maybe required for import. There are also examples of import and export documents, which can be downloaded from the Import Document sections.
Key information: We can also find key information about each country to find out the requirements for importing products - such as Restricted and Prohibited products, Customs Procedures, Products Standards, Labelling, Packaging guidelines, Incoterms etc.
Finally, there is ED the Robot who is an automated help desk, which researches answers to users’ questions. If the Robot cannot answer, then the user gets an option to send a question direct to the team of researchers who will respond accordingly.
To find out more, you can also have a look at this explainer video: https://www.youtube.com/watch?v=xNOodbiUmgA
There are a number of options to subscribe to the international trade tool and a choice of currency, to find out more and subscribe, please click here.