Before a shipment of products may be imported or exported, it must first clear customs. For export businesses, custom clearance is a complicated and time-consuming process that every exporter must go through. Physical inspection of each consignment is still the basis of customs clearance, where several types of export levies are imposed. High import taxes and a plethora of exclusions and export promotion schemes add to the documentation and procedures' complexity. As a result, the exporter's understanding of customs rules and regulations is important.
The filing of a shipping bill and the activities that follow are the first steps in the customs clearance of goods. However, a few requirements must be met before you (as an exporter) attempt to obtain customs clearance for your goods. The most important requirements are the import-export code, authorized foreign exchange dealer code, current account for duty drawback credit, and authorization for export under the export promotion scheme. Our comprehensive guide on customs clearance can assist you in understanding the process and completing your next overseas cargo with confidence.
