The global economy is fueled by interconnected & competing businesses. Being a part of global supply chain eco-system they are able to provide better & faster service to their customers located just about anywhere in the world.
Various geo-political protectionist measures to safeguard local industries & economy have resulted in increased import customs duties. This has resulted in supply chain eco-system witnessing cost escalation and complexity in operating across the borders. Business that import products generally are unable to recover the cost and hence absorb it into their product cost. Such businesses are less competitive in the global market and their bottom lines adversely impacted.
Procedure to recover customs duty
Fortunately many of these additional costs are either avoidable or can be reduced through implementation of proper procedures. Many companies are unaware of the benefits of the available EU customs procedures that have been formulated to reduce or eliminate customs duty on qualifying transactions.
One such procedures covered by the Union Customs Code (UCC) and accompanying regulations that is effective in the EU is “Inward Processing” relief.
To know more about the procedure and its benefits for business establishments in EU, DOWNLOAD Krypt white paper titled – Demystifying Inward Processing Relief to make impact savings – The SAP GTS way.
How can Krypt help you?
Krypt is a ‘one-stop shop’ for supply chain & global trade solutions with a global footprint. Our in-house innovative products/solutions for SAP TM, SAP IBP, SAP EWM, and SAP GTS, are an outcome of our long-term innovation, technology knowhow, and sustained customer engagement across 35 countries.
We offer various deployment options that are tested & tailored to a company’s specific-process and/or business needs. Krypt can help businesses to quickly embark upon their digital transformation along with being agile in the face of uncertainties of tomorrow.
If you wish to know more about our cutting-edge products/services, please request for a demo or contact us.
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