November 19, 2019
EY Global Tax Controversy Flash Newsletter (Issue 17) | How are customs audits changing in Asia-Pacific?
Technology and big data are changing customs audits in Asia-Pacific, and companies in the region need to take account of these developments. Increasingly, customs authorities are combining sector data with details obtained from individual importers’ declarations. This is allowing authorities to select audit targets more effectively, perform their work more efficiently and use their findings to identify further issues and targets.
Businesses active in the region need to start matching customs’ capabilities. They should perform their own trade data analytics aimed at improving their internal processes and identifying weaknesses. To do this effectively, they will likely need to draw on a wide range of information. Some importers may even need to obtain historic data from the customs authorities themselves. Customs authorities are moving quickly in this space and businesses need to keep pace.
Read more about the impact of trade data analytics in EY’s Autumn 2019 issue of TradeWatch.
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