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Greetings!
A new financial year followed by a new government and countless global economic and political crises: April and May 2010 have certainly been eventful. With economic forecasts still cautious, "yo-yoing" markets still vulnerable to the "Eurozone-crisis" and a weaker pound against the dollar making imports more expensive and duty costs higher, businesses are looking at and implementing measures that will minimise their risk-exposure and maximise their desirability as a trading partner.
In our Latest Edition of "Anything to Declare?" we continue the theme of customs planning by looking at the key area of internal procedures. In our previous editions, we wrote about the 'raising of the bar' by customs authorities for businesses to continue to comply with their customs obligations. This month we look at how customs compliance will now incorporate the "paths" that lead to the "outcome" and how "getting it right" may not be the only pre-requisite for future international trade.
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Building robust internal customs procedures: A key priority for importers |
There has been a marked change in the way that EU customs compliance is measured. The "outcome" will no longer suffice even if it results in the correct amount of duty being paid. As we have discussed in previous issues, the bar has been raised with regard to customs compliance. Authorised Economic Operator, Senior Accounting Officer and Customs Simplified Procedures all now require for businesses to prove that are they complying with customs regulations but also that they have clear internal procedures showing how they are complying with the regulations.
What is meant by internal procedures?
The "internal procedures" required vary from clear and documented chains of responsibility to clearly defined processes showing how you have come up with your Commodity Classification Codes, your Customs Valuations and that your goods meet the various Origin Rules to name a few.
Benefits of robust internal proceduresRobust internal procedures carry with them a number of benefits:
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