Customs Data Analytics
Customs Data Analytics
KPMG’s Customs Data Analytics tool allows businesses to understand their customs footprint and gain increased visibility over their trade function.
How is data analytics disrupting the management of customs duties?
KPMG's Customs Data Analytics is designed to identify if the data reported to customs authorities is incorrect through omission or error. Such errors can increase customs duty liabilities and expose the business to infringement notices, strict liability penalties and prosecution. Rather than wading through physical documents, KPMG’s methodology combines sophisticated data analytics software with explorative testing to uncover potential compliance risks and financial opportunities.
Questions to ask of your Customs Data:
- Have I maximised the use of Free Trade Agreements (FTAs) and other customs duty concessions?
- Are customs duty refunds available to the business?
- Do I have confidence that the declarations made to government are accurate?
- Are our brokers and service providers meeting their contractual obligations to us?
What insights can Customs Data Analytics provide?
- Refunds: Highlights shipments for further exploration of retrospective customs duty refunds.
- Compliance risks: Identifies irregularities and inconsistencies in the data reported to custom authorities.
- Valuation of goods: Assess valuation methodology against expectations.
- Trade lane: Identifies high volume trade lanes for freight negotiation.
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