August 20, 2021
EY Global Tax Controversy Flash Newsletter (Issue 37) | Customs audit trends can help businesses improve trade performance
Businesses can glean useful information from customs audit trends that may help them improve trade performance.
Customs authorities often publish details of their audit programs and their audit findings. Businesses can use these findings to understand the common issues and mistakes identified by authorities that may lead to delays in customs clearance or the imposition of additional duties and penalties. By focusing on areas where there may be weaknesses and gaps in their systems, businesses can identify areas for improvement and develop appropriate trade strategies.
Improving trade compliance may also allow businesses to participate in trade facilitation programs, such as authorized economic operator, that can ease the cross-border flow of goods — vital in today’s competitive global economy. This is a prime example of how preparing for possible audits can provide lasting benefits to the whole enterprise.
Additional information and links to past newsletters can be found in the attached PDF.
Flash Newsletter attachment (Issue 37)