Julie Park explains how and why effective control of customs duties can add significant value to the bottom line
VAT focus
It is fair to say that customs duties are low down in the pecking order of taxes and consequently have a low profile with heads of tax CFOs and even indirect tax managers. This is perhaps surprising considering customs duty cannot be recovered from the tax authorities in the way import VAT can but the reasons are numerous most of which lead back to a lack of ownership of the tax within the business. However it is critical that businesses have a good handle on this area to ensure the duty cost in the supply chain is minimised as far as possible and that the supply chain is not disrupted by unforeseen delays at borders due to compliance irregularities. Very few major multinationals trading in goods...
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Julie Park explains how and why effective control of customs duties can add significant value to the bottom line
VAT focus
It is fair to say that customs duties are low down in the pecking order of taxes and consequently have a low profile with heads of tax CFOs and even indirect tax managers. This is perhaps surprising considering customs duty cannot be recovered from the tax authorities in the way import VAT can but the reasons are numerous most of which lead back to a lack of ownership of the tax within the business. However it is critical that businesses have a good handle on this area to ensure the duty cost in the supply chain is minimised as far as possible and that the supply chain is not disrupted by unforeseen delays at borders due to compliance irregularities. Very few major multinationals trading in goods...
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