• Tue. Nov 29th, 2022

KIDP to commission domestic export warehouse

ByChad J. Johnson

Jul 4, 2022

To address the many challenges of import/export trade and loss of revenue from the Nigeria Customs Service (NCS), an indigenous company, International Trade Advisory Limited (ITASL), has discontinued its services at the country’s ports.
According to the company, the initiative aims to provide world-class consultancy services to importers, exporters, manufacturers and multinationals on customs processes and procedures with a view to reducing delays in the clearance of goods at ports.
Speaking at a press briefing to announce the initiative in Lagos recently, the company’s senior consultant and CEO, Okey Ibeke, said importers often incur avoidable expenses due to insufficient knowledge of the laws. trade and sometimes ignore the losses passed on to consumers. by high commodity prices at the end of the day.
Therefore, he said, “one of the main objectives of the company is to provide assistance in the interpretation of laws/regulations, product descriptions, harmonized tariff codes, valuation, rules of origin and post-clearance audit for resolving all import/export, compliance and regulatory issues”.
Noting that the level of compliance is still very low in the country’s ports, Ibeke urged importers to avoid abusive business practices such as under-declaration, under-valuation, misclassification and other related offences, which , he said, are responsible for the delay in clearing goods at ports. .
“Sometimes some importers deliberately refuse to comply with established rules and regulations while others do so out of ignorance. So what we do is advise multinationals and businesses on customs processes and procedures.
“We advise them on how to classify the goods they import so that once the goods are landed, they don’t have any problems with customs.
“When they have problems, customs hold their goods pending resolution of the case and they incur demurrage resulting in additional costs, the brunt of which consumers bear. So what we do is provide consulting services.
“We develop procedures, training modules and assessment programs to identify non-compliances, develop solutions and coordinate the implementation of improvements.
“We provide professional resources and a wide range of skills to clients such as technical specialists, licensed customs brokers, logistics experts, project managers, accountants, lawyers, freight forwarders and auditors.
“We employ appropriate procedures to determine the appropriate harmonized tariff classification on imports or exports, monitor export classification and provide a full audit trail to support our client’s classification claim. Additionally, our experts can research rulings or assist in obtaining a ruling.
“Customs authorities are increasingly focusing on compliance verification audits, and valuation is a key area they routinely look at. Given the various methodologies, determining the customs value of goods can be extremely complex. Commissions, grants, royalties or related party transactions must be taken into account, and an error may result in the reimbursement of higher duties and financial penalties.
“International Trade Advisory Services Limited therefore helps a client to ensure the correct valuation method, the correct pricing relationship with related and unrelated suppliers and the correct payment of duties,” he said.