Develop an understanding of Customs Special Procedures, which can be used strategically to mitigate tariff costs.
This course is designed to provide participants with a comprehensive understanding of Customs Special Procedures, focusing on the practical application and compliance aspects of procedures such as Inward Processing (IP), Outward Processing (OP), Customs Warehousing, Temporary Admission and Authorised Use.
Participants will explore how these procedures can streamline operations, reduce costs, and ensure compliance with customs regulations. Customs procedures, like inward processing and outward processing, can help businesses mitigate tariff costs by allowing temporary imports and exports without incurring duties. Similarly, bonded warehousing can delay tariff payments and improve cash flow.
Topics covered
- What are customs special procedures
- Procedure codes
- Customs warehousing
- Inward processing
- Outward processing
- Temporary admission
- Authorised use
- Temporary storage
