David William

In an international trade, bill of exchange is a negotiable instrument made by seller/exporter addressed to the buyer/importer. Once after shipping goods, the required documents for import along with bill of exchange are submitted with exporter’s bank to send to foreign buyer through buyer’s bank. The said bill of exchange draws in duplicate as per specified format.

Bill of exchange contains the reference details of shipment, amount of invoice to be receivable from overseas buyer, the time of payment to be effected, bank details etc. The bill of exchange is drawn on the letter head of exporter and signs under and sends to buyer through his bank. Once after reaching documents to overseas buyer, he accepts bill of exchange by signing on bill of exchange. On maturity date of bill of exchange, the buyer effects amount of proceeds to the supplier of goods through his bank.

In GST regime, input tax credit of the integrated tax (IGST) and GST Compensation Cess shall be available to the importer and later to the recipients in the supply chain, however the credit of basic customs duty (BCD) would not be available. In order to avail ITC of IGST and GST Compensation Cess, an importer has to mandatorily declare GST Registration number (GSTIN) in the Bill of Entry. Provisional IDs issued by GSTN can be declared during the transition period. However, importers are advised to complete their registration process for GSTIN as ITC of IGST would be available based on GSTIN declared in the Bill of Entry. Input tax credit shall be availed by a registered person only if all the applicable particulars as prescribed in the Invoice Rules are contained in the said document, and the relevant information, as contained in the said document, is furnished in FORM GSTR-2 by such person.
Customs EDI system would be interconnected with GSTN for validation of ITC. Further, Bill of Entry data in non-EDI locations would be digitized and used for validation of input tax credit provided by GSTN.

Malaysia is a multi-cultural country with a history of cosmopolitanism. English is commonly used in both daily life contexts and professional/administrative contexts. It should not be much of a difficulty for foreign investors to communicate with locals in English.

Malaysia is situated right on the Malacca Straits, the main gateway connecting the Pacific Ocean and the Indian Ocean, which gives it a huge advantage in trade traffic. The local trade infrastructures are also of excellent condition, and there is already an existing well-established financial sector in the country.

In addition, Malaysian consumers are quite easygoing and generous, accepting new products with clear brand requirements, guaranteed quality and price are not the deciding factors.

On the other hand, it can be frustrating to conduct business in Malaysia at times, in part because of corruption. The country only scored 47 on Transparency International 2018 ranking of Corruption Perceptions Index, meaning there are still major transparency issues in the country.

The local government still retains some policies which prefer ventures by indigenous Malaysian to foreign investors. It is important to understand these challenges first before you invest in a business in the country to prevent negative surprises.

Because the Philippines is an agricultural country, then lof of its export items are related or originated from agriculture.

Products related to coconut (coconut oil, coconut cake)
Sugar and related products
Fruits, vegetables (pineapple, banana, mango)
Agricultural products (fish, shrimp, raw coffee, seaweed, natural rubber,
raw tobacco
Products related to wood
Metal products (copper, iron, gold, nickel)
Manufacturing industry (electronics, fabrics, and textiles, footwear, suitcases, bags, furniture,
furniture, medicine, processed food, children’s toys, machine parts, or isometric convenient traffic)
 Main trading partners of the Philippines: Hong Kong, USA, Japan, China, Singapore, Indonesia, Malaysia, Korea, Taiwan, Thailand.

GNP and GDP are very closely related concepts, and the main differences between them comes from the fact that there may be companies owned by foreign residents that produce goods in the country, and companies owned by domestic residents that produce goods for the rest of the world and revert earned income to domestic residents. For example, there are a number of foreign companies that produce goods and services in the United States and transfer any income earned to their foreign residents. Likewise, many U.S. corporations produce goods and services outside of the U.S. borders and earn profits for U.S. residents. If income earned by domestic corporations outside of the United States exceeds income earned within the United States by corporations owned by foreign residents, the U.S. GNP is higher than its GDP.

Calculating both GNP and GDP can produce different results in terms of total output. For example, in 2019 U.S. GDP was $21.75 trillion, while its GNP was $22.03 trillion. While GDP is the most widely followed measure of a country's economic activity, GNP is still worth looking at because large differences between GNP and GDP may indicate that a country is becoming more engaged in international trade, production or financial operations. The larger the difference between a country's GNP and GDP, the greater the degree of incomes and investment activity in that country involve transnational activities such as foreign direct investment one way or another.