Risk Management in Customs
The quantity of goods that moves in and out of the region has drastically increased in the last decade . It is therefore extremely important to carry out targeted controls based on risk management. The process involves establishing a series of criteria, applicable everywhere the the customs business process, that the customs can use to target shipments that represent a threat to the security and safety of the state and its citizens.
Proper Tariff Classification – A Vital Part of Customs Compliance.
The reason it matters has to do with tariff rates. Every product entering or leaving the state must be assigned a tariff classification code which, for imports, determines the product’s tariff rate. The harmonized codes are updated every five years, most recently in 2017 when 234 changes were implemented. Because the Harmonized System truly is the law of the land, every country must adjust its own import and export practices to ensure it is in sync with HS revisions.
Trade Agreements and Rules of Origin
CARICOM Member States, in response to the challenges and opportunities presented by changes in the global economy, have negotiated and signed several bilateral trade agreements with their Latin American neighbours, we will explore their agreements and examine its impact on Rules of origin are the criteria needed to determine the national source of a product.
Advanced Customs Valuation
Customs Valuation is the determination of the economic value of goods declared for importation. The value of imported goods is also one of the three 'elements of taxation' that provides the basis for assessment of the customs debt, which is the technical term for the amount of duty that has to be paid, the other ones being the origin of the goods and the customs tariff.
Once the value of the goods is determined, customs duties can be calculated.