Speeding Through Customs: Crossing European borders with F1
As another Formula 1 season ends, teams move their cars, parts, and equipment back to base before they are worked on for the 2023 season. This also signifies the end of another busy operation for transport companies all over the world.
What Is Inward Processing and What Are the Benefits?
Inward processing refers to importing goods into the EU, processing these, and hereafter exporting these out of the EU. One common inward processing example is when a product is imported for repair or maintenance and is later exported to be returned to its owner.
Preferential Treatment for Imports
On January 1st 2021 a free trade agreement between the European Union and the United Kingdom has gone into effect, which will alter the way goods can be imported into the United Kingdom from the European Union and vice versa. The changes outlined below pertain to the import of goods using preferential rates.
Incoterms Explained: Ex Works (EXW)
When goods are bought or sold "Ex Works" (EXW) it means that the Seller is making the goods available at their factory or warehouse. The buyer is then free to come and pick up the goods. Ex Works places full responsibility for cost and risk with the buyer, as the buyer has to arrange everything.