Decode Incoterms in 7 minutes

Sovos
August 27, 2021

This blog was last updated on August 27, 2021

Incoterms are set by the International Chamber of Commerce and outline the responsibilities of buyers and sellers while making international transactions. Understanding the relationship between VAT and Incoterms now can prevent costs and delivery delays down the road.

In this episode of the Sovos Expert Series, Becca Taylor sits down with Andy Spencer, Director of Consulting Services at Sovos to explain how your business can overcome the challenges that incoterms provide.

Listen as he answers your most critical questions:

Question 1: Can you elaborate a bit on the Ex Works and DDP Incoterms that affect the EU specifically?

Question 2: With DDP, how would a supplier go about declaring the import into the buyer’s country? How would a buyer go about declaring the export with Ex Works?

Question 3: What challenges can companies face in both situations?

Question 4: How does Brexit affect Incoterms? Who would this affect, the buyer, seller, or both?

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Author

Sovos

Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
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