Global trade involves export/import activities of goods, which is by no means a simple endeavor. To facilitate trade, innumerable number of documents are to be collected and e-forms filled. An exporter/importer, depending on the nature of their goods, must pay taxes, duties and excises applicable for the country they trade with. Also, global trade is governed by a host of regulations to which An exporter/importer need to be compliant with. Most importers/exporters find it challenging to be familiar with all applicable laws & regulations related to global trade and customs documentation process.
A customs broker is highly knowledgeable in all entry procedures, admissibility requirements, classification, valuation, and the duties. Only a licensed broker can help them file complex customs related documents, be compliant to changing regulations related to goods and field of operation. For this, an exporter/importer has to submit relevant data that is up-to-date and accurate.
Customs Documentation – Challenges
To this day, many exporters/importers manually manage their data. By furnishing incorrect/inaccurate data to a customs broker, will lead to incorrect customs documentation. They can end up paying taxes, duties, excise, or hefty fines/penalties for failing to comply with the customs regulations.
A broker filing your customs documents is just one-half of the Customs Documentation Process. The other important half is getting accurate data related to tariff classification, origin of goods, duties & taxes calculation required for customs documentation. This is where having a holistic solution that eliminates error prone manual work is very critical to the business’s success.
Such export/import companies can now benefit tremendously by using SAP Broker Integration Solution with SAP GTS. To learn more about SAP Broker Integration Solution, DOWNLOAD the Krypt’s white paper titled – SAP GTS Broker Integration Explained.
How can Krypt help?
If you are a global products company looking for a successful Customs Documentation Process using SAP GTS Broker Integration, and wish to explore more about our products/services, please request a DEMO or do contact us.
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