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Crowe Horwath is urging Australian businesses to pay greater attention to their customs duty liabilities, saying doing so could save companies millions of dollars.
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Crowe Horwath warns on costs of poor customs compliance
23 February 2015
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8 minute read
The mid-tier firm’s comments come as the government prepares to introduce its new Trusted Trader Programme in July this year.
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The Trusted Trader Programme will provide a framework to fast track international trade processes for companies with strong, trusted and compliant track records.
Russell Wilkinson, partner - national leader - customs and international trade at Crowe Horwath, said Trusted Trader provided a good opportunity for businesses to re-think their approach to managing customs duty.
“Australia is already one of the world’s liveliest trading hubs and local businesses are under immense pressure to compete on a global scale. The new Trusted Trader Programme could cut the administrative and regulatory burden on industry and further increase the international competitiveness of Australian businesses,” Mr Wilkinson said.
While noting that the Trusted Trader Programme is undoubtedly a positive move forward, he said Australian businesses cannot afford to be complacent.
“Many companies give little thought to this area of their business and have insufficient insight into the customs duty they incur each year," he said.
"As a result, they may end up paying more customs duty than they need to, or face costly delays in clearing goods. Taking a structured, holistic approach to customs and international trade can save Australian businesses significant amounts of money, improve compliance and help streamline internal processes."
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