When shipping internationally, computing landed cost is crucial to ensure all associated costs are included when moving products around the globe. For most companies, freight cost is by far the largest spend in any cross-border transactions. However, it is also true that, many multinational corporations are paying millions of dollars in duties and taxes annually when their goods are crossing borders. Under today’s interconnected world, new markets are discovered, and companies are expanding their international supply chain footprint into different continents regularly, it is therefore critical to consider reviewing opportunities in optimizing duties and taxes when conducting cross-border operations.
In general, many companies do not utilize the potential customs savings opportunities available, and as a result they are overpaying customs duties. In this article, we would like to showcase a variety of duty & tax relief and exemption programs to reduce duty and tax outlays effectively: