Why should I join the Customs & International Trade Compliance Forum?
Every business involved in the movement of goods between different countries is exposed to international trade regulations and to the customs duties and taxes imposed on most imports and some exports. Such exposure can prove extremely costly unless it is managed and controlled through careful and timely planning. However, the measures governing international trade go far beyond basic import and export procedures and the payment of duties; they impact a wide range of commercial policies and transactions and are material to the activities of almost every function of the business.
From 1st January 2021 all imports to and exports from Great Britain have been governed by UK law not EU law. This has not made a practical change to what are termed ‘Rest of World’ shipments but it has completely altered the process for shipments to and from the EU and between GB and Northern Ireland.
The UK government has taken back control of these requirements and has already simplified and reduced the number of tariff lines, reduced import duty costs to zero for over 60% of imports and reduced administration costs such as the need for third party guarantees.
The implementation of the EU-UK Trade and Co-Operation Agreement (TCA) has the possibility to bring benefits to traders but how many know how to use it?
A lack of understanding of these rules and requirements can bring a supply chain to a complete standstill and can cause additional un-necessary costs.
Customs, Revenue, Licensing and Standards Authorities around the world are moving to electronic entries, centralized processing, security assessments, risk based inspections and combined compliance audits rather than simple goods inspections at ports and airports. New business Standards such as Authorised Economic Operator (AEO) take a holistic view of organisations leaving few if any departments untouched by their requirements.
Recent events have marked the start of a far more aggressive and targeted government approach to tax avoidance that aims to make anyone in the supply chain liable to conduct due diligence on the tax affairs of their customers and users. Where avoidance, not just evasion of tax such as VAT or import duty is found those in the supply chain could find themselves liable for the missing tax.
In addition the new rules seek to ensure that all companies involved in the international movement of goods have informed, knowledgeable and professional employees who are able to demonstrate their knowledge and skills in customs procedures and the impact they have on businesses. Companies now need to look at recruitment and staff training to ensure they meet requirements.
The political situation in the world is ever changing and sanctions, export controls and treasury controls must all be taken into account along with money laundering and anti-slavery legislation. Is your company on top of this?
Businesses will need to ensure that they are gaining the benefits of the new legislation and are not losing out to more informed competitors.
By joining the Customs and International Trade Compliance Forum you will be joining with members who have a keen interest in this vital area of business. After all you may have the most wonderful logistics set up, modern warehouse and superb trucks but if the goods are stuck in customs with large fines and penalties all that effort will go to waste! Don’t forget to look at the CILT Community to get hot off the press new updates and to have your questions answered by members and CILT specialists.
BREXIT has highlighted the general lack of understanding in business and the lack of skilled professionals in the customs area. For companies of all sizes, all parts of the supply chain and in all product areas to make a success of BREXIT and to capitalise on the benefits it can bring, they need to take advice about customs procedures, tariff classification, origin and the link to Free Trade Agreements. CILT and this Forum can provide invaluable insights and guidance along with direct contact with skilled, experienced industry professionals.