October 4, 2020
Case Study – Utilities & Energy
One of Europe’s largest utilities and infrastructure business with revenues in excess of £2.5bn in 2017 employing over 20,000...
Customs clearance is an important and fundamental process and procedure of importing or exporting good internationally. Identifying the correct Harmonised System (HS) codes for the goods is a vital part of the clearance process. This then determines the product classification code, which ensures that goods are cleared, and Customs duties are applied correctly. Usage of the wrong HS code may cause you to pay the wrong duty and incorrectly declare the goods to the relevant Customs Authority, which carries the possibility of penalties or seizure of goods.
In international freight forwarding, having local experts who are familiar with the relevant country’s requirements is paramount to ensure compliance. Each country has its own unique customs processes and utilising the services, and worldwide network experience of the TVS SCS freight forwarders during imports and exports, will simplify this process. Our network is highly credentialled and fully compliant with each geography’s governing and authority bodies. For example, in Oceania, we are accredited Australian Trusted Traders (ATT), and in Asia and Europe, we are Authorised Economic Operators (AEO).
Correctly navigating the complexities of customs requirements can save your business unnecessary duties or penalties paid. For example, being able to determine the correct country of origin will also affect the possible duties payable and any restrictions on sending goods to or from that country of origin. Also, the correct value of the goods must be determined. Using the incorrect valuation method for the country of import could result in paying too much or not enough import duty and taxes.
Ongoing international sanctions based on the commodity type, origin and destination countries and parties involved can also affect the shipping of goods. TVS SCS will only ship in compliance with regulations and sanctions imposed by the United Nations, European Union, United States and other countries/territories.
Variations in regulations from country to country can also affect exports. Our in-house customs experts are deeply familiar with licensing, special provisions and restricted and prohibited goods for key markets and countries around the world.
Because we have in-house teams of customs experts that are embedded in key markets, with extensive knowledge of customs clearance and documentation requirements, we are an ideal one-stop-shop service provider for all freight forwarding needs. We have direct control over customs clearance for our customers, resulting in greater agility and capacity for resolution for any administrative requirements.
We further simplify the import and export supply chain by offering Bonded Warehousing and Quarantine Management in key markets.
For every shipment you make with TVS SCS, you enjoy the benefits of working with a company that has global experience in international transport, export controls, import and export regulations and customs clearance.
Our global freight forwarding network integrates our e-Connect online track and trace with the CargoWise IT platform. We use this across our entire international business to provide you with seamless 24/7 shipment visibility and live access to your data. With e-Connect, our airfreight customers also enjoy one login to access other aspects of their business, such as warehousing, order management, account management and shipment management information on the desktop website platform.
We also have a mobile app available on iOS and Android, which provides on-the-go visibility on shipment data that matters most to you.
100 Years Of Excellence In Trading And Technology
Pivotal Supply Chain Solutions To Top Companies In The World
Warehouse Space, Labour & Technology Anywhere It’s Needed
Customised Solutions With AI Integrations And Machine Learning
Every year, businesses spend large amounts of time and money on managing their customs activities and compliance. The rules are complex and ever-changing. However, businesses that move goods across customs borders need to take full advantage of the opportunities that are available to drive down costs, improve efficiency and eliminate risk.
Free Trade Agreements (FTAs) are treaties between two or more countries that benefit importers, exporters, producers and investors by reducing and eliminating certain barriers to international trade and investment.
Trying to figure out which FTA is best to use and what is required can be a complex task. This is where the experts at TVS SCS can help navigate and simplify it all so you can take the best advantage of reduced or duty-free entitlement.
Every item shipped needs to have an HS code (customs classification). From the International Trade Administration[https://www.trade.gov/harmonized-system-hs-codes ]: The Harmonised System is a standardised numerical method of classifying traded products. It is used by customs authorities around the world to identify products when assessing duties and taxes and for gathering statistics. The HS is administrated by the World Customs Organization (WCO).
A bonded warehouse, also referred to as a custom warehouse, is an ideal solution for customers who require stock to be held in a certain country. Stock in a bonded warehouse have taxes suspended and are not paid until the goods leave the warehouse. This allows for quality control and some handling to occur without paying the import taxes, as long as the original conditions are not altered. Financially, suspending tax payments until the goods are required makes it possible to match tax payments to actual sales, rather than making disbursement in advance.