In reaction to the annexation of Crimea to the Russian Federation and the on-going political crisis concerning Ukraine, the EU and US have expanded the list of parties against which asset freezes and travel bans have been imposed. The respective lists continue to cover predominantly Russian politicians and government officials, but for the first time in respect of the Ukrainian crisis, the US has designated an entity, namely a bank. Further, several of the targeted…
Following the ongoing crisis in Ukraine and in the wake of the 16 March referendum in which the Ukrainian region of Crimea voted to secede from Ukraine, the European Union (“EU”) and the United States (“US”) have issued sanctions targeting persons responsible for actions which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine. A brief overview of these measures follows.Click here to read the full client alert.
The Japanese-funded e-Customs system known as “VNACCS/VCIS” (Vietnam Automated Cargo and Port Consolidated System and the Vietnam Customs Information System) is set to “go live” on April 1, 2014. Based on the NACCS/CIS of Japan, VNACCS/VCIS is intended to handle e-Declaration, e-Manifest, e-Invoice, e-Payment, e-C/O, selectivity, risk management/criteria, corporate management, goods clearance and release, supervision and inspection. With the launch of the VNACCS/VCIS, Vietnam Customs is trying to simplify customs clearance procedures, reduce clearance time,…
In light of the recent political crisis in Ukraine and the presence of Russian troops in the Ukrainian region of Crimea, a number of jurisdictions — the EU, United States, Switzerland, Austria, Lichtenstein, and Canada — have issued sanctions targeting key senior figures in the former Ukrainian Government and others involved in the unrest. The UK Department for Business, Innovation and Skills (“BIS”) has also taken steps to restrict the supply of equipment that may…
Following the Budget 2014 announcement by the Malaysian Prime Minister on 25 October 2013, it was announced that a Goods and Services Tax (GST) will be implemented on 1 April 2015 at the proposed rate of 6%. At the time of writing, the GST Bill 2009 (GST Bill) remains in a draft form and is still subject to further amendments and debate in Parliament. Pending the enactment of the GST Bill into legislation, the Royal…
I. U.S. SanctionsAs reported in our Client Alert dated November 27, 2013, the United States and its partners in the P5+1 (i.e., China, France, Germany, Russian, and the United Kingdom) reached an initial understanding with Iran on November 24, 2013, outlined in a Joint Plan of Action (“JPOA”), targeted at gaining commitments from Iran on enrichment reductions, non-proliferation, and inspections of its nuclear program. In return, the P5+1 nations agreed to a gradual, step-by-step suspension…
On 13 January 2014 the European Commission issued a proposal[1] that would, as part of the changes which will be rolled out through the implementation of the Union Customs Code (“UCC”), remove the facility for the use of ‘first sale’ for export in European Union (“EU”). What is First Sale For Export? In international trade, there are often a number of successive sales before the goods’ clearance through Customs. For example, goods imported into the EU…
On December 25, 2013, the General Administration of Customs of the People’s Republic of China (GAC) issued two new regulations on customs valuation, both effective from February 1, 2014. GAC Order No. 213, entitled Measures of Customs of the People’s Republic of China for the Determination of Dutiable Value of Imports and Exports, will replace the existing regulation with the same title issued under GAC Order No. 148 on 28 March 2006. In addition, GAC…
On 31 December 2013, the State Encryption Management Bureau (SEMB) issued Announcement No. 27 and adjusted the Catalogue for the Administration of Import of Encryption Products and Equipment Containing Encryption Technology (the Adjusted Catalogue), replacing the Catalogue for the Administration of Import of Encryption Products and Equipment Containing Encryption Technology (First Batch) annexed to SEMB Notice No. 18 and effective on January 1, 2010 (the Original Catalogue). The new Catalogue was effective from January 1,…
The EU is in the process of taking a binding first step towards the implementation of the Iran Joint Plan of Action agreed last November, by lifting a number of sanctions against Iran. In particular, the European Commission and EU High Representative for Foreign Affairs and Security Policy are currently jointly proposing to, inter alia, increase the funds transfer thresholds and suspend existing prohibitions on (i) the provision of insurance and reinsurance and transport for…