The EU’s drive to create a single customs union for all its 27 member states has created a new headache for importers. David Merritt and JayachandPachakkil, Trade Management Consultants at JP Morgan, explain.
Every time you turn around, it seems there’s a new regulatory requirement. Governments around the world are updating customs codes, modernising and introducing technology processes, and changing classifications – all in the name of streamlining revenue collection and enforcing supply chain security.
US 10+2 supply chain security initiative, ICS aims to communicate critical shipment data to customs before the shipment reaches the EU, and thereby enable their ability to assess any risks it may pose. Effective January 1, 2011, ICS places the burden of supplying advanced shipment information squarely on the shoulders of carriers, not industry. However, importers and exporters aren’t completely off the hook; they must provide accurate information on a timely basis to their carriers or goods could be held up indefinitely by customs authorities..
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