Compliance with international trade rules and regulations is a critical part of any business, organizational or personal involvement in the import/export business. Trade compliance has ensured that goods and products can flow from one country to another. The rules that are involved here might be of a commercial, fiscal, operational or legal nature. However, they must be adhered to for your goods to enter or exit a country. That’s why you need the services of an experienced and qualified international trade company that can guarantee the safe delivery of your goods and products. If you need the services of an IOR company, log onto iorafrica.com. Request for our services and we will get in contact with you as soon as possible.
International trade compliance means that you are adhering to the laws of two countries, the host nation, and the destination country. These involve understanding the legal and taxation requirements of both. This might be a hustle for any person, but IOR Africa is the right solution.
Reduction of risk
International trade compliance ensures that a company is always protected from potential hazards and risks. You are always at the forefront of any legal or fiscal measures that have been introduced by the authorities. You will also maintain a good reputation with the authorities which is important for smooth importation and exportation of your goods.
Valuation and payment of taxes
Upon entry of goods to the destination country, an assessment and declaration of value are required. It is from this valuation that taxation and other duties will be pair. Compliance to set rules will ensure all appropriate duties, taxes, and tariffs have been paid.
Avoidance of penalties
Compliance gives the meaning of laws and statutes. Non-conformity to these laws and statutes always comes at a cost. For most countries, this will come in the form of heavy penalties and severe fines. There is also the impact on your business that we have to consider.
The aftermath of these penalties and fines is what is more costly to your business. Due to the fines, your shipment might have to be delayed entering the country. This might lead to you losing a contract or going out of favor with an esteemed client.
In severe cases, violation of laws and statutes can lead to jail sentences or being banned from importation and exportation.
Trade compliance is an element that is invaluable to all multinational enterprises and corporations. There must be a continuous assessment of regulations and legal changes due to the amount of risk associated with international trade. After all, the number of resources sunk into the company run in the millions.
For a smooth shipping experience, hire experienced professionals and avoid the penalties and repercussions of violating trade regulations.