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When trading internationally, you need to consider Customs Obligations, VAT and Duty. To understand your responsibilities, it is important to consider the most appropriate INCOTERMS in your sales negotiations.

The 11 Incoterms (International Commercial Terms) determine who is responsible for the transport, tariffs and insurance on goods travelling between countries.  Getting it wrong could cost you, e.g. at what stage does liability for the goods change hands, and do you know who will be responsible for customs declarations, import taxes and domestic transport in both countries of export and/or import?

The costs and risks which are associated can vary astronomically so it is vital to ensure you agree upon the best terms for you and your customer.

Key Steps

Ensure your business understands all 11 Incoterms and their implications.

Review all existing and new contracts and, where applicable, agree upon the best Incoterms for both parties.

Consider how it may be more efficient for both yourselves and the other party to complete the customs declarations which are relevant to their nation.

Key Updates & Links

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