Singapore

Details

  • Service: Tax
  • Type: Business and industry issue
  • Date: 12/14/2011

Navigating the Asia-Pacific Trade & Customs Environment 

Nowhere is the customs duty and overall indirect tax landscape more complex than in Asia Pacific. In this part of the world, multinational businesses must be able to skillfully manage customs-related challenges to maintain their competitiveness in a constantly shifting market. Without the proper tools and knowledge, companies may be overtaken by competitors with more cost-efficient customs processes or, in cases of non-compliance, face heavy penalties from customs authorities.

Successfully navigating the customs environment in Asia Pacific requires companies to prepare and implement a detailed customs management plan. This must be based on a comprehensive knowledge of the customs rules and practices in various countries and complemented by a proactive outlook to adapt quickly to frequent regulatory changes.

This publication will familiarise companies with the important elements necessary to craft and implement a proactive and cost-effective customs management plan. It touches on critical areas where savings opportunities can be realised (e.g. unbundling of invoice values, usage of Free Trade Agreements) and where compliance issues frequently arise.

Also, in view of the diversity of rules across the region, it also provides a detailed overview of the customs regime in 18 selected Asia Pacific countries, including India, China and the United States. This is expected to assist companies in identifying potential areas of risk and opportunity in their cross-border operations, and in formulating a cost-effective plan to manage their customs functions.