TMS-DB Schenker Customs Duties and Drawbacks

In the business of importing and exporting, corporations have had to conform to the continuous changes in international trade regulations introduced by governments. These rapid changes are becoming increasingly challenging for financial managers to be aware of in order maintain their competitive advantage in a time sensitive market.

Oversights are imminent as international trade regulations change. These changes bring about the possibilities for omissions stemming from clerical mistakes, product misclassification, wrongful interpreted product end-use determination and applied duty rates. As result of these mistakes and omissions issues could lead to severe penalties such as fines, revocation of importer privileges and preferred importer participation programs.

With vast experience in custom duties TMS  - DB Schenker experts are well prepared to support financial managers with the rapidly evolving changes in international trade regulations in order to provide them with right insight into making informed trade decisions and pave the road to future trade refund recoveries, minimization of trade penalties so as to maximize profitability and competitiveness.

In order for companies to compete on an international level the Canadian government has introduced a program allowing Canadian companies, who import, to recover the duty paid on the goods imported. The program mainly benefits companies who import goods with the intention of exporting them. In order for companies to be eligible for duty drawbacks certain criteria must be met. The imported goods must be further processed, displayed or demonstrated in Canada, used for development or production in Canada of goods for subsequent export and finally exported without having been used in Canada for any purpose other than the aforementioned.

Like all government tax regulations there are exceptions that prevent companies from recovering the duty paid on certain goods imported. Upon review of company records and operations TMS  - DB Schenker duty recovery experts would be able to gauge any duty recovery eligibility, provide managers with the latest rules on duty recovery opportunities and restrictions, and also assure that compliance is in place. Lastly, they would be able to effectively and efficiently file and manage any duty drawback claims on the companies’ behalf.