NORTH VANCOUVER CHAMBER OF COMMERCE
International Trade Resource Web Site
|
Articles about the International Trade Industry |
|
| |
|
Posted 5, July, 1999 | |
In This Issue
|
Incoterms 1990
Read about:
|
Tax Havens
What Are Incoterms?
Incoterms stands for " International
Commercial Terms" and were created by the
International Chamber of Commerce from studies of
international trade practices. Incoterms were first
published in 1936 and subsequently revised in
1953, 1967, 1976, 1980 and 1990.
Incoterms 1990 is a standardised
nomenclature for international sales of goods which aims
to avoid the peculiarities of interpretation under domestic law. Incoterms set out the
respective obligations of the seller and buyer for
matters such as what goods are required, payment,
insurance, customs authorisation (both export and import), when delivery occurs, transfer of
risk, main carriage, allocation of costs of
transport, notice, proof of delivery and packaging.
Incoterms are not an exhaustive recounting of the respective rights and obligations so the
parties still need to carefully consider all matters of
the transaction which are important. There are 13 Incoterms 1990 which range from where
the seller has little obligation other than to put
the goods at the disposal of the buyer at the
seller's premises, to where the seller has the obligation
to deliver the goods at the buyer's premises.
Many of our clients with above average incomes and/or net worth, being fed up
with the amount of tax that they are paying, have asked us about offshore "Tax Havens"
and whether or not offshore investments and tax avoidance strategies are viable and/or
legal. (Did we mention that we are opening an office in Antigua?) Remember, it is our
right to AVOID taxes by any LEGAL means. Tax evasion, on the other hand, is illegal.
There is an abundance of information (and even more misinformation)
available on the internet, in books, newsletters
and from innumerable other sources. Get rich quick schemes such as the "Wealth
Creation" pyramid offer questionable dodges
that purportedly take their schemes out of the illegal gambling arena and make
them "legal". They carry on, expounding
the theory that avoiding the taxman is as simple as buying a mass-marketed "offshore
trust" from yet another pyramid scheme on the internet. But they do not tell you that you
are still legally obliged to report your income and pay taxes!
Issue #1
In order to prime pump the
economy, the Japanese govern-ment has spent
8,985 billion yen ($89 Billion) in FY 1998 and has budgeted
9,430 billion yen ($94 Billion) in FY 1999 on public works projects.
To read more about this article, please view
the article in PDF format. PDF format requires Adobe
Acrobat Reader. (To obtain a free copy of Adobe Acrobat Reader, go to Adobe's web site at www.adobe.com)
Article Introduction:
The dollar amount of
bankruptcies in 1998 was the
worst since WWII at $140
Billion, up 2.6% over 1997 and the total number of
bankruptcies was up 17.1% to 19,171 which was the
2nd worst numbersince WWII.
| |||||||
|
|
131 East 2nd Street, North Vancouver, B.C, Canada, V7L 1C2
Incoterms
1990
