Britain's Office of Financial Sanctions Implementation issued two reports on Sept. 5 on the country’s asset-freezing regime. The first report covers U.K. sanctions from January through March and the second report covers sanctions from April through June. The reports include the total value of assets that were frozen during the two quarters as well as statistics on new designations, delistings and licenses.
Britain's Office of Financial Sanctions Implementation on Sept. 5 issued a guidance on complying with frozen-assets reporting. The guidance includes information on how people or companies should report sanctioned property and how companies should conduct “ongoing compliance” to ensure they’re not violating sanctions laws.
Export Compliance Daily is providing readers with some of the top stories for Sept. 3-6 in case they were missed.
President Donald Trump issued an executive order Sept. 10 that “strengthens and expands” the State and Treasury departments' sanctions authorities against terrorists, the Treasury's Office of Foreign Assets Control said in a notice. Among several changes, the order allows the U.S. to impose “correspondent account or payable-through account sanctions” on foreign banks that “knowingly conducted or facilitated any significant transaction” for a U.S. sanctioned global terrorist, OFAC said.
The Commerce Department Bureau of Industry and Security issued two sets of Frequently Asked Questions involving Huawei and the extension of its temporary general license, including information on what changes came with the extended license, which transactions are covered and more. But the agency did not say whether it planned to again renew the temporary general license when it expires Nov. 18. “Any decision to renew the Temporary General License will be made at the sole discretion of the U.S. Government,” BIS said.
China released the first batch of tariff exemptions for U.S. goods, which include exemptions for shrimp, fish meal, lubricants and more, according to an unofficial translation of a Ministry of Finance press release. The exemptions will take effect Sept. 17 and last until Sept. 16, 2020, China said. China said it will publish more exemptions in “due course.”
The International Chamber of Commerce released its 2020 incoterms on Sept. 10, saying the newest version is easier to use and includes “explanatory notes with enhanced graphics to illustrate the responsibilities of importers and exporters." The new incoterms also include a more detailed explanation for traders on how to choose the right incoterms for their transactions or “how a sales contract interacts with ancillary contracts," the ICC said.
The World Customs Organization issued the following release on commercial trade and related matters:
Nigeria will begin imposing a 5 percent value-added tax on all online purchases starting January 2020, the Hong Kong Trade Development Council said in a Sept. 9 report. The VAT will be collected by Nigerian “bank card issuers and other electronic payment service providers” on behalf of Nigeria's Federal Inland Revenue Service, the report said.
Jordan recently implemented its new online platform for e-commerce customs processing, according to a Sept. 6 report from the Hong Kong Trade Development Council. The system, which took effect in August and aims to “to protect Jordanian traders, sellers and producers from consumers’ unwillingness to buy locally-produced goods,” requires express shipping companies to provide certain data through the system, the HKTDC said. At the same time, Jordan is also “drastically” reducing personal allowances for tax-free e-commerce imports from about $3,300 per year to just about $700 per year, the report said. The new limits apply only to footwear, clothing, children’s toys and “food items” and will be monitored for the first three months “to assess whether an effective balance is being achieved,” the HKTDC said.