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ARTICLE · 12 SEPTEMBER 2011

Coming To Terms With The Incoterms Amendments

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Incoterms are an internationally recognized set of rules, published by the International Chamber of Commerce (the "ICC"), designed to allocate the risks, costs and tasks involved in business-to-business contracts for the sale of goods, and to settle on the place of legal delivery of such goods.

CanadaTax
Paul Casuccio
Paul Casuccio
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Overview

Incoterms are an internationally recognized set of rules, published by the International Chamber of Commerce (the "ICC"), designed to allocate the risks, costs and tasks involved in business-to-business contracts for the sale of goods, and to settle on the place of legal delivery of such goods. 

On September 27, 2010 the ICC published its new Incoterms 2010 which will come into effect on January 1, 2011.  The new Incoterms 2010 contain noteworthy changes for international and domestic contracts for the business-to-business sale of goods. 

Further, the application of Canada's GST/HST, Quebec's QST and the remaining provincial retail sales taxes to purchases and imports of tangible property each depend upon the place of legal delivery of such property, and any changes to the Incoterms should be reviewed with the application of such taxes in mind.  This is particularly true since the introduction of the new Place of Supply Rules for GST/HST and QST

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