When I’m preparing to deliver a Risk Assessment Report, the first question clients often ask is, “What’s our compliance score?” While the intention is good, we are asking the wrong question. Numbers may not lie, but they don’t tell the whole truth, particularly in compliance – and in the gap is where good companies get into trouble.
Importers might aptly view a Customs broker as a trusted partner for Customs entry filing, but a broker’s job is also to help safeguard importers against delays, fines, and penalties due to errors or regulatory violations.
US businesses that actively source raw materials, components, or finished goods from other countries must understand—and adhere to—the trade regulations for every country involved in their supply chain. Failure to do so can lead to fines and severe penalties.
When companies don’t comply with trade regulations, they face fines, penalties, and potentially late delivery of their goods.
Correctly classifying merchandise or products for import involves a sea of rules that govern import classifications.
These rules are often confusing and unclear, and doing this incorrectly can come at a hefty price. Binding rulings help clear up any confusion by providing classification and duty rates in advance.