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Foreign economic activity — basic documents

Foreign economic activity is a complex process that requires a lot of documents. The article presents basic documents and requirements imposed by the state and regulatory authorities. In addition to such foreign economic contract requirements as statement of the place and date of a contract, statement of a transaction purpose (name of goods that need to be transported), there are many nuances that must be represented in the documentation.

Incoterms 2000 or Incoterms 2010 terms are applied:
 
  • currency of a contract, and total amount of transaction in the stated currency
  • duration of a contract
  • payment is made through foreign currency accounts stated in the requisites by the parties
 
A foreign economic contact includes clauses that regulate the execution and transition of changes from one party to another.
 
The next stage is the definition of the most beneficial ways of conveyance of cargo. This process is associated integrally with the execution of transportation documents. They are essential for customs clearance. They include permits, licenses, approvals, transportation and financial documents.
 
Transportation documents for foreign economic activity
 
They vary depending on the mode of transport: 
 
  • motor transport: CMR waybill, Carnet TIR
  • air transport: air waybill
  • railway transport: railroad waybill
  • post: postal waybill
  • sea transport: bill of lading, manifest of cargo
     
Financial documents for foreign economic activity
 
  • bills
  • invoices
  • pro forma invoices
     
Financial document include not only financial information but the number of a foreign economic contract and its design date as well. Incoterms 2010 delivery specifications are applied.
 
The difference between invoice and pro forma invoice
 
Invoice is a document by virtue of which payment is made. Pro forma invoice contains indication of price and value. Pro forma invoice is not a basis for payment. This financial document can be found at the over the border transfer of humanitarian aid – pro forma invoice is filled to define the value and for customs clearance as well.
 
Certificate of origin can be labeled nominally as a financial document. It is issued in country of exports, chambers of commerce and industry are in charge of the issue. This certificate is needed for customs clearance and obtaining of preferential tariff rate at the calculation of customs payments in country of importation. Relief is possible for CT-1 forms (this certificate is effective in CIS countries and Macedonia). However, you have to pay VAT depending on the sum without duty regardless.
 
Approximate list of documents for foreign economic activity
 
The list of documents for border crossing may vary depending on the legislation. Some documents are necessary for presentation while others are not.
 
Registration card is obligatory and must be executed before border crossing (otherwise the execution of delivery supervision becomes impossible). Registration card may be filled by customs brokers (that render foreign economic activity services) or on one’s own.
 
Document of delivery supervision is filled by the consignee or customs broker.
 
The following transportation documents are necessary:
  • For motor transport delivery: СMR
  • Bill of lading for combined or sea delivery
  • Manifest for combined or sea delivery
  • Railroad waybill for rail delivery
     
The following transportation documents are optional:
  • TIR (on request),
  • Manifest for combined or sea delivery
Sellers, forwarding agents or brokers are in charge of the execution of transportation documents. Financial documents (originals, executed by sellers) are obligatory. Foreign economic contract is obligatory. Contract supplements are on request.
 
Forwarding contract is optional (subject to delivery conditions). It’s necessary to get a statement of currency values declaration at the tax administration. Forwarding agent or carrier must provide a statement of transportation costs or of their allocation. Certificate of origin is optional.
 

 

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