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Incoterms® rules
Read this guide to discover how the Incoterms® 2020 rules—developed and maintained by the International Chamber of Commerce (ICC)—offer a practical tool to manage risk in international commercial contracts.
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In today’s global trade environment, tariff changes have become increasingly common due to shifting policy priorities, trade negotiations, and the expiration of preferential regimes.
Although the Incoterms® rules do not affect tariff rates or customs procedures, they establish the allocation of responsibilities between buyers and sellers. This clarity enables businesses to mitigate the risks associated with sudden tariff changes and ensures smoother cross-border transactions.
This guide explains:
Understanding the differences between value-added taxes (VAT) and tariffs is crucial for informed international trade policy decisions. Providing insight into VAT and its role in global trade, this ICC policy brief clarifies the differences between VAT and import tariffs, illustrating how VAT operates as a consumption tax designed to be neutral and non-discriminatory towards foreign businesses.
Business leaders worldwide have shared crucial insights with ICC on key trade policy challenges, highlighting the need for predictability in global markets.
New ICC analysis examines the economic implications of proposals to establish a trade system limited to democratic nations, finding such plans would trigger a tariff shock three times larger than the Smoot-Hawley Tariff Act of 1930 that significantly impacted global trade by raising US import duties on a wide range of goods.