Customs, Excise and International Trade

The movement of goods across the globe is increasingly complex. Customs and Excise Duty may be payable on goods brought into Ireland from non- EU countries. Knowing which goods are affected, while staying on top of regulatory change, is crucial, as there are high penalties and commercial costs for non-compliance.

In addition, Brexit will trigger new customs and trade issues How can KPMG help? that are likely to be very challenging for businesses both sides of the border– many of which could be dealing with We work with manufacturers, distributors and retailers the customs regime for the first time. to increase efficiency by:

Rates of duty vary according to types of goods and their ƒ Customs compliance reviews which evaluate your classification. Unlike VAT, Customs or Excise Duty is not current needs, processes and determine any risks recoverable. This means it’s a direct, and often substantial, and issues. cost to a business. Understanding how these taxes affect ƒ your operations is paramount. Identifying opportunities to reduce and to reclaim overpayments of duty At KPMG, our dedicated Trade and Customs team and ƒ Reducing the cost of duty by adopting efficient global network of specialists can help. We’ll advise on valuation methodologies efficient trade operations and optimised supply logistics. ƒ This will give you confidence in your risk management and Taking advantage of available reliefs regulatory trade compliance arrangements. ƒ Taking advantage of bonded warehousing, inward processing, free-trade zones, drawback, processing Potential Client issues under customs control and temporary imports. ƒ Assistance with analysing the customs issues on a Customs and excise responsibilities can present significant supply chain level that Brexit may trigger. KPMG has challenges for clients, including: developed bespoke Brexit software for this purpose. ƒ Misclassification of import duty and underpayment/ ƒ Advice and assistance with managing Revenue non-payment of import duty customs audits.

ƒ A lack of visibility and control over risks and costs associated with international trading

ƒ Poor controls in respect of managing excise compliance

ƒ Reputational risks and penalties resulting from trade compliance failures, such as export controls

ƒ Various challenges coming from Brexit bringing many businesses into the customs regime for the first time and new customs considerations arising for existing or proposed new supply chains.

ƒ Protracted and costly disputes with authorities

ƒ Overpayment of duty and missed opportunities to generate savings and efficiencies. Why KPMG?

Clients turn to KPMG for our:

ƒ Global network of over 300 duty and trade specialists, enabling us to deliver truly global and joined-up advice

ƒ Track record of realising duty savings for clients

ƒ Significant practical experience in designing and implementing customs management software solutions

ƒ Close collaboration with transfer pricing, legal and advisory colleagues to provide clients with seamless service.

ƒ Expertise to deal with Brexit related issues arising both North and South of the Irish border.

Contact us

Glenn Reynolds Richard Cowley Frankie Devlin Partner Principal Resident Partner Dublin Dublin Belfast

t: +353 (1) 410 1371 t: +353 (1) 410 2427 t: +44 (28) 9089 3753 e: [email protected] e: [email protected] e: [email protected]

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