Trade Compliance

GHY discusses changes to international trade regulations and explores cutting-edge compliance strategies.

Managing Compliance in a Disruptive World - The Auditor General’s Report on Customs

Posted February 07, 2018

Video Transcript

 

Welcome to our conversation date. Managing compliance in a disruptive world.

Every year the Auditor General of Canada puts out a report that's really a score card on how traders are doing in their reporting to the customs regimes in both Canada and the United States.

Some frightening things come out of the statistics. Twenty percent of tariff classifications for importers and exporters are incorrect.

Seventy-four percent of documents, which are primarily invoice documents, where brokers and service providers use that information in terms of affecting customs release across the border, are not sufficient enough to provide the government with the right and needed information for compliance. That's a significant challenge.

So what does that mean?

Well, at the end of the day, you need to build, and all importers and traders need to build, a customs compliance plan. One that's built on a good relationship of collaboration with your broker. One that identifies the role that each party has in making sure that your risk is looked after in terms of all of your cross-border trade evaluations and all of your transactions.

What we do at GHY is take a business approach to the risk management associated with reporting your cross-border goods. It's incumbent on us to know your business and for us to translate your business into the customs environment.

Our business approach to risk management is unique. We are there to serve you. We are there to give you the best bang for your buck, to keep you out of the penalty box of the amps that are administrated and overseen by the Auditor General, and our goal is to give you the best result for the least amount of spend in order to affect a strong customs compliance plan.

 

Need help with your Compliance Plan? Contact Us today to discuss your challenges.

 

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