Plain-language definitions of 133 terms used in raw material trade: Incoterms, payment, shipping, customs, quality documents, plastics, metals, chemicals, agriculture and energy.
The electronic declaration filed with customs by the exporter or its broker so that goods can legally leave the country, stating the description, HS code, quantity, value, consignee and destination. The closed export declaration is the official proof of export for VAT zero-rating, export incentives and foreign-exchange rules. Under EXW this duty falls on the foreign buyer, which causes practical problems – which is why FCA is usually more suitable.
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