Know your duty
Customs duty: Is your risk management effective?
Customs duty is an area that often falls through the cracks when it comes to effective risk management. Customs duty tends to be owned within the business by Procurement or Logistics. Have you considered how your business shapes up?
Customs & excise: Know your duty
From talking to our clients, we know that the management and verification of existing customs procedures is an area that businesses rarely address. This is despite the customs footprint of many businesses being significant in both compliance and financial terms.
46% of respondents in a Deloitte survey of global in-house indirect tax personnel stated that either Procurement or Logistics was ultimately responsible for customs duties/excise in their business rather than Group Tax/Finance.
How does your business shape up?
- Who has ultimate ownership for customs duty obligations within your business?
- What was the customs duty throughput last year?
- When was the last time you reviewed customs duty from a risk management or security perspective?
- What opportunities/efficiencies have you identified in relation to customs duty in the past year?
- If you have third-party customs brokers, when did you last review their treatment to see if it is correct/efficient?