In recent years SARS embarked on a risk-based approach to managing and enforcing Customs compliance. The idea being that more time and resources need to be spent by SARS in high-risk areas and on high-risk clients.
For this approach to work SARS needs to identify trusted SARS clients (importers and exporters) with the required systems and controls in place to ensure a high level of compliance. Enter the Preferred Trader concept.
The new Customs Acts to be implemented in mid 2015 increases the focus on compliance and the role of Preferred Traders.
Through a process of self-assessment importers and exporters can determine their levels of Customs compliance and the effectiveness of their systems and controls to ensure consistent Custom compliance. This opens the door for an application to SARS to be approved as a Preferred Trader, with a beneficial risk rating in SARS‘ profiling processes which, in turn, should result in expedited clearances and movement of product.
- Can my company benefit from being a Preferred Trader?
- How is my company’s Customs compliance rated?
- How do I address compliance problem areas in my organisation?
Considering applying for Preferred Trader Status?
We can answer your questions and help you to assess your company’s Customs compliance. Please drop us a note.
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