Friday, 4 November 2016

Things FreeZone Companies Needs To Be Aware Of!

Companies needs to make sure their customs broker is knowledgeable about customs procedures for the smooth and safe clearance of their goods. Freezone companies have to be particularly careful on who they choose as their customs broker because the customs keep track of their inventory based on the HS Codes. Hence, the customs broker must ensure that when clearing the goods on behalf of their customer, the HS Codes mentioned in the documents must match with the data that is entered in the Customs department. Any mismatch could put the Freezone company in jeopardy in the long run.

The customs can conduct a random inspection and audit the company’s inventory to check if it tallies with the inventory in the customs record. If there is a mismatch, the customs will conduct an investigation on the Freezone company. And if the inventory as per customs is more than the physical inventory then the Freezone company is left with two options:

1.    Prove that the goods have exited the country and hence no duty applicable.

2.    Clear the record by paying the penalty from customs which will be the duty amount
(5% of invoice CIF value) + Penalty (15% of the invoice value).

So, make sure to consider all the above points before finalizing any organization for custom broking. As, there are various reliable and professional customs broker available in the market but TFI is one of the best logistics and cargo company. TFI is working for the past 25 years and has a clear track record with not a single customer complaint till date. They also maintain a soft copy of the customer’s documents as backup to ensure if any customs inquiry arises, then TFI has all the documents as a proof for their customers and records.

No comments:

Post a Comment