WTCGPNewsletterFebruary2005Page3

First of the 2005 "Breakfasts Around the Region" series held Campbell Soup Company World Headquarters in Camden, NJ

Margaret Gatti, Joanna Savvides & Bill Burns

Soup Heats Up for Comanies in International Trade if Punitive Damages are Assessed

Margaret Gatti, Attorney-at-Law, Gatti & Associates, explained the impact of several new security regulations regarding both importers and exporters including the Advanced Electronic Cargo information now required 24 hours before cargo is laden aboard any vessel at a foreign port and several new Container Security Initiatives. She also discussed the Customs-Trade Partnership Against Terrorism (C-TPAT) designed to secure the supply chain from departure to arrival. This is a voluntary program that benefits participant companies by, among other things, eliminating on-site audits. Ms. Gatti also discussed the Automated Export System which will soon be mandatory for all exporters filing a Shippers Export Declaration. www.gattiassociates.com

Similarly, William T. Burns, CPA, Director of Global Business Services for Asher & Company, explained how companies involved in trade can take advantage of the American Jobs Creation Act of 2004. He outlined the events leading up to the Act, including how the World Trade Organization (WTO) prohibited previous, similar US laws as export subsidies. Exporters learned how to benefit from its provisions for repatriation of profits and the repeal of the Extraterritorial Income Act offering new corporate tax incentives over the next 10 years. He noted that companies are required to submit a re-investment plan to the IRS for repatriated dividends received. www.asherco.com