What is preference law in SAP SLL - Global Trade Services?

SAP Term: preference law

• Component: SLL

• Component Name: Global Trade Services

• Description: Legal regulations concerning the reduction of customs duties for importing or exporting goods.

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• Key Concepts: 
  Preference law is a feature of SAP's SLL Global Trade Services (GTS) that allows companies to comply with international trade regulations. It helps companies determine the origin of goods and services, and calculate the applicable duties and taxes. Preference law also helps companies identify preferential trade agreements between countries, and determine the eligibility of goods for preferential treatment. 
  
  How to use it: 
  In order to use preference law, companies must first configure the GTS system to recognize the applicable trade regulations. This includes setting up the relevant country-specific rules, such as origin determination rules, duty calculation rules, and preferential trade agreement rules. Once configured, GTS will automatically apply the relevant rules when processing transactions. 
  
  Tips & Tricks: 
  It is important to ensure that GTS is configured correctly in order to ensure compliance with international trade regulations. Companies should also regularly review their configuration to ensure that it is up-to-date with any changes in trade regulations. 
  
  Related Information: 
  For more information on preference law and how to configure GTS, please refer to SAP's documentation on Global Trade Services.