Managing customs duty is key to reducing costs and ensuring compliance. Here are 10 actionable tips to streamline your process.
As a customs and trade compliance professional, one of the most challenging aspects of international trade is managing customs duty as a cost of goods sold (COGS). Customs duties can have a significant impact on your bottom line, especially as regulations and trade agreements evolve. For businesses that import goods into the U.S. ensuring compliance with customs regulations and minimizing duty exposure is vital for profitability and smooth operations.
This blog post will outline 10 essential tips for managing customs duty effectively, providing actionable insights that can benefit your business. If you’re working in the U.S., these tips will help you navigate the complexities of customs duties and streamline your processes for maximum efficiency.
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Key Questions Covered in This Blog
How can you verify product classifications under the HTSUS to ensure accuracy?
Why is confirming the country of origin of goods so important?
How can you qualify goods under Free Trade Agreements (FTAs) to minimize duty liability?
What valuation policies should you review to ensure compliance with CBP rules?
How can you decouple non-dutiable cost elements from your COGS?
What duty deferral options are available to you under the HTSUS?
How do you take advantage of duty drawback on exported goods?
When is it beneficial to obtain a CBP Ruling for certainty in classifications and valuations?