Global

Details

  • Service: Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 8/4/2014

Australia - Customs “trusted trader programme” 

August 4: The Australian Customs & Border Protection Service recently announced the introduction of a “'trusted trader programme” (TTP).

Australian Customs stated the TTP will enhance the existing self-regulating environment by creating trust-based partnerships and shared responsibility between Customs and industry, and suggested the program will broadly provide for:


  • Faster release of cargo to partners with a strong security and compliance history
  • Decreased customs clearance administrative and regulatory burdens
  • “Front of queue” services for formal ruling and examinations
  • Increased market access and economic competitiveness for Australia’s exporters

The proposed TTP will consist of:


  • Importer trusted trader for select trusted overseas exporters, supply chain participants, and Australian importers
  • Exporter trusted trader with supply chain security focused emphasizing mutual recognition of Australia’s exporters by Australia’s major trading partners

It is currently uncertain as to how the proposed benefits will translate through to TTP partners. However, importers and exporters would want to familiarize themselves with the plan in order to determine what, if any, benefits will be received by becoming a trusted trader.


Read an August 2014 report prepared by the KPMG member firm in Australia: Are you a Customs Trusted Trader?




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