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Customs Reconciliation Tool
Ensure effective reconciliation and management of the UAE Free Zone Customs liability
Given the complexity of the Customs post-clearance audit process and long list of requirements, maintaining proper records requires an efficient Customs control function.
As part of the compliance process, the United Arab Emirates (UAE) Customs requires each Free Zone (FZ) company to provide their record keeping (e.g., available stock, import and export data, stock reconciliation, etc.), which must be kept up to date from the date of inception, in a certain way of reconciliation and mapping between the inbound and outbound Customs data.
The records and information must be presented in a pre-defined format, which could potentially be a complex exercise for most businesses and can easily take several months to years to complete.
Deloitte has launched the Customs Reconciliation Tool (CRT) which aims to determine the available stock by grouping transactions per HTS Code, Country of Origin, and by Customs Declaration number and facilitates the mandatory stock reconciliation process that clientsoperating in FZ’s must complete, as part of a self-assessment or customs audit process.