Business entities involved in global trade must function within the framework of various compliance rules/practices framed by the country they operate for and with. And more importantly for this, classification of products/services play a vital role.
This century, in the wake of ― newly emerging economies, recession, volatile economies, conflicting differences in political agenda, challenges of trade competition, has witnessed major economies involved in trade wars through sanctions & embargoes against an erring nation.
All business individuals & entities involved in trading across two such countries should adhere to the sanctions imposed. Failing which, the customs department slaps severe penalties, fines and even prison sentences on an erring individual or business.
While trading under the looming clouds of such trade wars, every business entity needs to have its accurate tariff classification for their products/services as a part of customs & trade compliance program.
If you are such a trading entity and wish to seek insight into why accurate tariff classification is important, then DOWNLOAD Krypt’s whitepaper – “The importance of accurate tariff classifications in a climate of trade wars”.
Krypt is an SAP preferred partner for Global Trade Services and can help you with compliance practices and program.