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Books > Business & Economics > Economics > International economics > International trade
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A Short Guide to Customs Risk (Paperback, New Ed)
Loot Price: R1,479
Discovery Miles 14 790
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A Short Guide to Customs Risk (Paperback, New Ed)
Series: Short Guides to Business Risk
Expected to ship within 12 - 19 working days
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The historic growth in world trade, large container ships and
information technology have triggered profound changes in
international trade. A few years ago, customs officers at the
border were meticulously checking goods and documents before
releasing a shipment to the trader. A business could be confident
that a shipment that had cleared customs complied with all
applicable regulations. Today, to reduce congestion and give the
trade quick access to their goods, customs have introduced risk
management principles and a large number of shipments clear customs
automatically. Controls have moved from the border to the trader's
premises and it is during site visits that customs officers check
the business compliance records. Moving from frontier checks to
audit based controls has transferred a high level of responsibility
and risk to the trader. It is now the duty of the trader to
identify and report any error or irregularity and to keep an
impeccable audit trail from initial quotation to receipt of
payment. For the business, failing to provide satisfactory
compliance records will result in delayed shipments and serious
disruption in the supply chain. This will in turn impact on
financial performance indicators such as Days in Inventory, Days
Sales Outstanding and of course Cash Flow. The business will also
have to endure in depth customs audits during which customs
officers will inspect each step of the audit trail disrupting
day-to-day business operation. Errors uncovered during these audits
will yield heavy financial penalties and a customs debt.
Ultimately, customs risk will impact on shareholders value. Customs
and finance reporting should receive the same level of attention.
However, if all companies check carefully their tax returns, only a
few check their import or export declarations with the same
scrutiny. Managing customs risk is often seen as a cost centre but
it is also a source of competitive advantage. A sound customs
management can reduce or remov
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