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19 November 2018

Trade disruption ramps up customs audit scrutiny

The escalating trade disputes between countries, including the United States and China, have dominated news headlines in recent months. Less attention has been paid, however, to the marked increase in enforcement action and audit scrutiny by customs authorities around the world.

Customs authorities are focusing their audit efforts on the countries and products most affected by the recent trade measures. These “sanctions compliance” efforts have authorities looking closely for possible import undervaluation, goods misclassification and misdeclarations regarding the origin of imports. The net will be cast wide, however, and importers may find themselves under scrutiny on the basis of their ties to certain countries and/or products. Businesses need to be prepared for this new enforcement environment and consider the strategic importance of enhancing their compliance around their existing tax and trade positions. Explore the impacts to your business and access additional resources in Global Trade Disruptors.

Additional information and links to past newsletters can be found in the attached PDF.

Document ID: 2018-6286

 
 

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