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Incoterms® (2020) Incoterms® (2020) – The hidden champions of efficiency Your guide to improving business performance across the entire value and supply chain Investing in Germany | A guide for Chinese businesses 02 Incoterms® (2020) – The hidden champions of efficiency | Your guide to improving business performance across the entire value and supply chain Abstract 04 1. Introduction to Incoterms® rules 06 1.1 What are Incoterms® rules 06 1.2 Naming Convention 06 1.3 Cluster Methods 08 2. Incoterms® Example/Use Case: CPT Trieste Shanghai 10 3. Power of the Hidden Champions 14 3.1 Legal 14 3.2 Financial Considerations from a Restructuring Perspective 15 3.3 Tax 16 3.4 Global Trade Advisory – Import, Export and Export Controls 21 3.5 Accounting 24 3.6 Strategy – Considerations for Procurement and Sales of Goods 26 3.7 Process Reflection in Software 27 4. Changes 2020: What are the Threats and Opportunities? 31 4.1 Overall Changes 31 4.2 Transport Document in FCA and its Impacts 32 4.3 Urge to use Named Place(s) Incoterms® 34 4.4 New Incoterms® rule: DAT becomes DPU 34 4.5 Security Clearance 35 4.6 Insurance 35 4.7 Own Means of Transport 35 5. How to Approach 36 6. Graphic: Incoterms® 2020 37 Conclusion 40 Authors & Contact 42 03 Investing in Germany | A guide for Chinese businesses Abstract Incoterms® rules 1, short for International Commercial Terms, have had a major impact on world trade for more than 80 years. They influence all business aspects from sourcing to sales, from legal to finance, from business operations to corporate strategy, to software algorithms. Despite the fact that many enterprises already interact closely with Incoterms® rules in their day-to-day business, their power is often underestimated. The Incoterms® 2020 update was released on September 10, 2019. It is not surprising that Incoterms® rules were changed after nearly 10 years, as has regularly been the case since the 1980s, but in this case as well, it is up to the stakeholders to analyze and adapt to those changes.1 Jointly authored with specialists from a variety of functional perspectives, Deloitte intends to provide its professional view on the key opportunities and threats arising from the Incoterms® 2020 update. A high-level analysis will be presented in this Point of View (PoV) after outlining the conventional wisdom on the vast impact area of Incoterms® rules in the introduction. 1 Incoterms® and the Incoterms® 2020 logo are trademarks of ICC. Use of these trademarks does not imply association with, approval of or sponsorship by ICC unless specifically stated above. The Incoterms® rules are protected by copyright owned by ICC. Further information on the Incoterms® rules may be obtained from the 04 ICC website iccwbo.org. Incoterms® (2020) – The hidden champions of efficiency | Your guide to improving business performance across the entire value and supply chain Reader’s Guide The Point of View's main focuses are: This PoV is designed to serve Incoterms®- • their usage in daily business and their Newbies as well as Incoterms® Professionals, challenges across related end to end revealing the key benefits of Incoterms® processes rules for everyone from the Head of Purchasing to the Head of Sales, IT and • to illustrate mainly the perspective from a Logistics. For experienced readers, the European seller/buyer perspective following chapters will likely be of interest: Chapter 2 Use Case CPT, Chapter 3 Power of • to highlight the difficulties in correctly the Hidden Champions with the respective reflecting them in software. business area relevant to you, Chapter 6 Graphic. Summarizing chapters are Thus, this document cannot be considered Abstract, Chapter 5 How to Approach and as a finished/full-fledged analysis but Conclusion. should serve the purpose of raising awareness about their Hidden Power of Additional key facts can be found in the Efficiency. footnotes. The core chapter is “Power of The Hidden Champions” in which we describe the power Abbreviations of Incoterms® rules. The impact analysis FF Freight Forwarder LoC Letter of Credit targets the core processes determined by FCL Full Container Load ERP Enterprise Resource and related to Incoterms® rules, such as: FTL Full Truck Load Planning System logistics, finance, global trade, procurement and sales, accounting, tax, as well as LCL Less Than Container Load CRM Customer Relationship software. LTL Less Than Truck Load Management LSE Loose cargo (airfreight) TMS Transportation Management The main changes in the Incoterms® 2020 CTR Ocean freight container System update are visualized in the diagram in ULD Unit Load Device Airfreight WMS Warehouse Management chapter 6 or briefly explained in chapter 4. Container System ® TEU Twenty Foot Equivalent Inco Incoterms Companies that are aware of the cost- Unit (small ocean freight BGB Bürgerliches Gesetzbuch cutting potential and committed to container) (German Civil Code) adhering to the 2020 changes will be able SO Sales Order LSP Logistics Service Provider to improve processes and save money. BoL, Bill of Lading CIS Commonwealth of B/L Independent States Please note that Incoterms® is a very MBL Master Bill of Lading VGM Verified Gross Mass (of the complex topic and this Point of View is (carrier – freight forwarder) ocean freight container) only able to consider certain aspects while omitting others. Its intention is not to HBL House Bill of Lading (freight focus on the Incoterms® rules themselves. forwarder – seller/buyer) Thus chapters 1 and 2 only provide a brief introduction, for beginners. For more detailed information please refer to the ICC rule book.2 1 Based on ICC information available, Incoterms® rules become “effective” on 1st January 2020. However, some ICC information states that they can be implemented immediately. See details in chapter 3.1. 2 Incoterms® 2020 by the International Chamber of Commerce 05 Investing in Germany | A guide for Chinese businesses 1. Introduction to Incoterms® rules 1.1. What are Incoterms® rules • Who is responsible for loading/unloading 1.2 Naming Convention “Incoterms®” stands for International the goods, clearing customs, filing When we talk about Incoterms®, it is Commercial Terms. Since 1936, these terms documentation, etc.? often not sufficient to simply consider of trade have been defined and regularly the 3-letter abbreviation, i.e., “EXW” (Ex updated by the International Chamber of • What is the correct tax determination Works), to understand the situation and Commerce (ICC). Sellers and buyers across logic? manage obligations. There are as many the globe use Incoterms® rules in their as three factors that we need to consider contracts for goods in order to clarify which • How much to boost a firm’s foreign when negotiating Incoterms® in a sales/ obligations each party has with regard to currency trade? purchasing contract. freight costs, risk and insurance, often with visualizations like Fig. 1. Based on these • To what extent can we improve cashflow? 01. 3-letter abbreviations three core areas, the terms define various The abbreviation identifies the chosen processes across departments, functions, • Efficiency in Letter of Credit procedures? trade term for this Incoterms® rule. companies and countries. The following examples will give you an idea of the vast • The extent of intercompany invoicing 02. Place of Incoterms®-Delivery = range of areas in which Incoterms® rules required within the logistics enterprises? Place of risk transfer (bar in the have a direct or an indirect impact: middle, in blue, in Fig. 1) • How much additional money a freight Defines the point at which the seller’s • Who bears the risk when goods are forwarder can earn by acting as a bank risk is transferred to the buyer, e.g., damaged during transport? for customs disbursements? the responsibility for loss or damage of goods.4 (In some Incoterms® • What freight costs are paid by the seller/ Having provided a rough overview of rules this Named Place has to be buyer? Incoterms®, the next sub-chapter will mentioned explicitly.) The wording provide a basic introduction of their most Place of Incoterms®-Delivery has been • Is the seller obliged to contract insurance important characteristics. introduced in order to underline that cover against the buyer’s risk? it should not be mixed up with the Place of Delivery in other contexts e.g. • How many freight forwarders do the relating to invoicing. seller and the buyer have to contract? 03. Place of Incoterms®-Destination = • At what point is the seller allowed to Place of cost transfer (bar at the recognize revenue based on the “Proof of top, in green, in Fig. 1) Delivery”?3 Defines the place to which it is the seller's obligation to deliver the goods – that is not to be confused with the good’s (Final-)Place of Destination at the order/delivery level, which usually denotes the final physical destination for the goods, e.g., the buyer’s premises. (In many Incoterms® rules this place has to be mentioned explicitly.) 3 Please note “Proof of Delivery” can easily be misinterpreted. There are three types of “Proof of Delivery” relating to the: a) Place of Delivery (risk transfer), b) Location of (Incoterms®) Destination (cost transfer) and c) Proof of Delivery at the Final Destination. It is vital to distinguish between them, as wording and availability in software may vary greatly. Details will follow within this PoV. 06 4 This important Named Place plays a vital role in the area of finance and tax, and will be described further in the following chapters. Incoterms® (2020) – The hidden champions
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