EU ICS2 and GB S&S Covered: ENS in 90 Seconds
Temporary importation allows businesses to import goods into a country without paying full taxes or duties. This importation is ideal for scenarios where products will not permanently stay in the destination country.
Temporary importation is best suited to companies looking to test markets and carry out temporary projects without paying the taxes associated with a full import.
Temporary Importation Types:
Active Improvement Regime: Allows businesses to import components or raw materials, process them into a final product, and then send them back.
Passive Improvement Regime: Used when goods are imported for repair or processing and then sent back to the original country.
Congratulations! This indicates that you have a well-established trade compliance procedure. Ongoing vigilance and expertise are necessary to achieve and maintain 100% compliance. Despite having comprehensive trade compliance knowledge, navigating the intricacies of import/export regulations can be difficult. Thus, consider getting assistance from industry leaders like iCustoms to serve as your reliable partner throughout the procedure.
Oh, that is alarming! Your answers show that you have some serious mishaps in your trade compliance policies. Reach out to iCustoms to cope with all the issues, whether it be unclear records, missing documents, or lack of established protocols, saving you from fines and penalties during an audit.
You’re halfway there! This figure demonstrates that you have the basic trade compliance procedures in place, but it still needs to be improved. iCustoms can assist you with clear agreements, easy documentation, HS code verification, or any other issue you may face.
Solid progress has been made! It is evident from your response that you have a stable grasp of important areas of compliance. However, there could be some other areas requiring additional attention, which may be internal audit procedures, anti-dumping duties, or others.