Why Is An Accurate Tariff Database Important?
Products shipped internationally may be subject to duties (tariffs), taxes, and other fees that are assessed by customs authorities. These duties and other trade restrictions can hinder a company’s ability to conduct international business: a high tariff may make a...What Is A Customs Duty?
A customs duty is a tariff or tax levied on goods when transported across international borders. Customs duties are imposed in order to protect a country’s import and export revenues by controlling the flow of goods into and out of the country. While revenue is the...What are Export Control Classification Numbers?
An essential step in export compliance is determining whether a license is required from the Department of Commerce to export a commodity. This is done by ascertaining whether the item has a specific Export Control Classification Number (ECCN). Export Control...What is the Denied Party Screening Process?
The denied party screening process is a general term for the due diligence review of a business’s internal lists to ensure that transactions are not being conducted with entities included on a sanctioned list, watch list, concern list and more as well as countries...2018 Highlights: Designations & Sanctions Overview
2018 has already been active for U.S.-based sanctions and Denied Party Screening (DPS) with changes coming at an increasingly rapid pace. So far this year, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) acted on a number of items...
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