KPMG’s on-going advisory includes:
- On-going interpretation of regulations and assessment of the results of transactions in respect of customs laws as well as VAT and excise tax regulations (formal duties, tax deductions and tax returns, statistical classification of goods and services for VAT purposes, excise tax settling).
- Reviews checking the correctness of the applied tariff classification and establishing customs value of imported goods.
- Comprehensive support and representation of companies in disputes with customs and fiscal institutions.
Planning and analysing international transactions in search of helping to manage customs and tax burdens as well as streamlining cash flows (excise suspension procedure and its proper ending, import and export of excisable goods, exemption from excise duty, customs restrictions, and allowances, tariff classification and product origin principles, customs value, customs procedures, obtaining AEO certificates and permits for application of economic customs procedures, simplified procedures and quota permits as well as international transport, contacts with carriers and customs agencies, rules of international trade in goods, customs laws in other countries).
Verification of the accuracy of customs, excise tax, and VAT settlements (analysis in search of savings opportunities, formal irregularities and tax risks), checking tariff classification for customs and excise duty purposes.
Here are a number of questions that will let you determine what your business has not yet done to take advantage of existing opportunities and if actions undertaken are sufficient in order to prevent potential threats:
- Does your company have proper excise status enabling trade with contractors in other EU countries in excise suspension procedure (tax warehouse, registered trader status)?
- Does your company make use of excise exemptions and if so, are all conditions for exemptions fulfilled?
- Does the company properly settle shortages and losses of excisable goods occurring during production, storage, transport, receipts and deliveries of these products and does the company have a limit fixed for losses that are exempt from excise duty?
- Does the company have internal procedures for reducing the risk of irregularities in excise duty settlement (especially in the scope of calculation of customs value and internal reporting from production and trade departments, concerning events resulting in tax liabilities in excise tax, to the unit dealing with excise duty settlement)?
- Has your company streamlined the flow of goods and reduced operating costs (tax warehouses for excise duty purposes, virtual customs warehouses, simplified procedures, suspending procedures, distribution centres)?
- Has your company made use of opportunities to extend or limit access of imported goods to the domestic market (suspending customs rates, tariff limits, tariff quotas, protection against excessive imports, anti-dumping and anti-subsidy measures, protection against unfair domestic competition)?
- Does your company have Binding Tariff Information (BTI) and Binding Origin Information (BOI) for imported goods to protect against the substantial risk of erroneous customs classification and incorrect customs rates?