Did you know that you can save costs through intelligent duty planning?
The complexities involved in indirect tax and customs duty planning can be tiresome for companies to pay attention to. This is especially the case in Asia, where regulations of underdeveloped countries can be extremely complex and contradictory at times. We’re experts – let us ensure that you’re optimising your savings through duty exemptions and smart duty planning, and make sure you’re doing it legally!
Take advantage of these areas in duty planning:
- HS Classification: Ensuring your products are properly classified is critical to importers. Obtaining expertise on the correct HS codes for valuation and origin is best practice to prevent any disruptions at the point of importation. This helps mitigate inherent risk that exists within the supply chain.
- Valuation: This is an area where careful planning can help you reduce the costs of doing business. By unbundling costs from the import value you can save millions and become more competitive.
- Preferential Duties under FTA Regulations: With the increasing number of FTAs being signed, in order to gain market share it is important that you take advantage of some of the preferential duty rates available under FTA. These will also need careful assessment of the regulations to see if your goods qualify.
You don’t know what you don’t know – but we do!
Untrained and inexperienced in-house personnel may classify or value your products incorrectly. We’ve seen this happen and companies end up paying millions in penalties and backdated duties.
Customs are increasing their use of technology and have been able to quickly pick up issues related to classification – whether the result of poor duty planning or intentional use of more advantageous tariff codes – so it pays to make sure you’re staying legal.
To create a cohesive company, you must have a cohesive customs practice.
While we offer these as three services, we end up using all three in tandem to achieve the best results for your company. We are a one-stop-shop, where we will develop systems, produce documentation and manuals, provide advice and represent you in lobbying for regulation changes. We will create a new culture for your business, leaving you in a position to protect yourself and avoid penalties going into the future.
Don’t miss out on duty planning savings, call us now.
If you haven’t looked at the basic options above, you may be missing out on an opportunity to save costs that you weren’t even aware of. Call us on +852 2987 8905 or email us for a consultation to find out how you can take advantage of duty planning savings.