CUSTOMS RISKS AND OPPORTUNITIES
Why is a customs dispute necessary to make companies aware of the importance of complying with customs regulations? I posed this question a few weeks ago to a number of in-house customs experts.
Why is a customs dispute necessary to make companies aware of the importance of complying with customs regulations? I posed this question a few weeks ago to a number of in-house customs experts.
They could cite numerous reasons why companies in general proactively pay little attention to customs compliance. But each time the conversation returned to a lack of customs knowledge as the main obstacle.
Customs regulations are complex. But this also applies to the regulations on direct taxes and VAT. Two topics to which companies usually pay a lot of attention and now consider this to be self-evident.
This should be no different for customs.
The impact of customs violations on companies, their directors and employees is often enormous. Proactive monitoring and assistance prevents costly procedures and provides peace of mind.
But it is not just about covering risks and liability. Increased attention to compliance with customs legislation allows to identify imports where a higher amount of customs duties has been paid than was due (e.g. due to non-application of tariff preferences, incorrect tariff classification, incorrect calculation of the customs value, etc. ).Future entries can then be made in a more tax-efficient manner. For imports from the recent past, a refund of excess customs duties may be requested. Each time with a favorable impact on the company's profit margin.
Do you want to know where your company stands? Is your company at risk or is it missing opportunities in the customs field? Let us meet you.
Written by Jurgen Gevers.
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