AI’s Role in Customs Compliance and Trade Agreements
In our increasingly interconnected world, customs compliance and international trade agreements play pivotal roles in global commerce. Staying compliant with intricate customs regulations and navigating the complex web of trade agreements can be challenging for businesses. However, Artificial Intelligence (AI) has emerged as a powerful tool, simplifying these processes and ushering in a new era […]
Get to Know Our Compliance Solution for the UK
With the UK’s official withdrawal from the European Union, relations between British and EU-based traders took new commercial, political and even social directions. Currently, countries on both sides are struggling to comply with numerous new rules and requirements that have added more complexity to the flow of goods in the region. Although economic agreements facilitate […]
Get to Know our Landed Cost Calculation Engine
In the intricate web of global logistics and supply chain management, one crucial element stands out: the Landed Cost Calculation (LCC). This tool serves as the compass for decision-makers, meticulously deciphering and evaluating every step of the shipment process to unveil the true cost implications. At My Duty Collect, our state-of-the-art Landed Cost Calculation engine […]
5 Things You Should Know About the Classification of Goods In The EU
Navigating the classification of goods within the European Union (EU) can be a complex task for importers and exporters alike. Understanding the nuances of EU customs regulations is essential for smooth cross-border transactions. Here are five key insights to help you master the classification of goods in the EU: – READ MORE: The Importance of Landed […]
How ICS2 is Bringing Complexity to the Flow of Goods in the EU
In an increasingly interconnected world, the European Union (EU) plays a pivotal role in shaping international trade policies. The flow of goods across its member states’ borders is a complex, multifaceted process that involves various stakeholders, intricate regulations, and evolving technology. Recently, the introduction of the Import Control System 2 (ICS2) has further heightened the […]
DDU or DDP: What is the Best Option for Consumers?
In the realm of international trade and eCommerce, incoterms play a significant role in shaping customer experience. These terms dictate who is responsible for paying customs duties, taxes, and other fees associated with cross-border shipments. But what exactly do DDU and DDP entail, and which option is the best for consumers? Let’s delve into the […]
The Importance of Data Accuracy in ICS2 for Effective Customs Compliance
In this blog post, we will delve into the crucial role of data accuracy in the International Customs System 2 (ICS2) for effective customs compliance. In today’s globalized world, smooth cross-border trade relies heavily on accurate and timely data exchange between customs authorities and traders. Let’s explore why data accuracy is paramount in ICS2 and […]
ICS2 Release 3: The Impact on Your Business
If you are involved in importing or exporting goods to or from the EU, you may have heard of the Import Control System 2 (ICS2), a new EU-wide IT system that collects and processes data on all goods entering the EU customs territory. ICS2 is being implemented in three phases, with the first two already […]
How AI Can Help Enhance Landed Cost Calculation in Supply Chain
I trust this post finds you in good spirits and gearing up for some insightful reading. We are about to explore the realm of supply chain optimization and cost management. We’ll discuss how artificial intelligence (AI) is transforming landed costs calculation. This is a game-changer for supply chain professionals and businesses and can certainly guide […]
Connecting Nations: A Deep Dive into the Universal Postal Union
In an era dominated by advanced technology and digital communication, it’s easy to overlook the enduring importance of traditional postal services. Yet, at the heart of global connectivity lies an organization that has been quietly facilitating communication and trade between nations for nearly a century and a half – the Universal Postal Union (UPU). In […]