Price: $9.99
(as of Dec 19,2024 13:47:53 UTC – Details)
ASIN : B079SHSZGX
Publisher : Espresso Tutorials GmbH; 1st edition (February 12, 2018)
Publication date : February 12, 2018
Language : English
File size : 37489 KB
Simultaneous device usage : Unlimited
Text-to-Speech : Enabled
Screen Reader : Supported
Enhanced typesetting : Enabled
X-Ray : Not Enabled
Word Wise : Not Enabled
Print length : 207 pages
In Part 3 of our Practical Guide to SAP GTS series, we will be discussing three key concepts in global trade compliance: Bonded Warehouse, Foreign Trade Zone, and Duty Drawback.
1. Bonded Warehouse:
A bonded warehouse is a secure facility where goods can be stored without paying duties or taxes until they are ready to be released for sale or export. In SAP GTS, you can set up bonded warehouses as locations in the system and track the movement of goods in and out of these facilities. This helps ensure compliance with customs regulations and avoid costly penalties for non-compliance.
2. Foreign Trade Zone (FTZ):
A Foreign Trade Zone is a designated area within a country where goods can be imported, stored, and processed without being subject to customs duties or taxes. SAP GTS allows you to manage FTZs in the system, track the movement of goods in and out of these zones, and ensure compliance with regulations governing their operation. This can help your organization take advantage of cost savings and other benefits associated with FTZs.
3. Duty Drawback:
Duty drawback is a refund of customs duties paid on imported goods that are subsequently exported or used in the production of exported goods. In SAP GTS, you can set up duty drawback programs, track eligible transactions, and apply for refunds with customs authorities. This can help your organization recover duties paid on imported goods and improve cash flow.
By understanding and effectively managing bonded warehouses, Foreign Trade Zones, and duty drawback programs in SAP GTS, your organization can enhance compliance, reduce costs, and optimize global trade operations. Stay tuned for more insights and tips in our Practical Guide to SAP GTS series!
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