Sebastian Roggeveen

An Importer of Record (IoR) is an individual or legal entity that is responsible for ensuring that goods are imported in accordance with the local customs legislation of a given destination.

An IoR is responsible for the completion of all the required documentation to meet import requirements, in addition to paying duties and taxes. Typically, to act as an Importer of Record, the company must have a registered entity within the country they want to import into.

Customs duty plays an integral role in imports/exports.

First, it serves as a key source of revenue for fostering the economic growth of a country.

In other words, it provides a source of income for governments to budge in different sectors of economic growth.

Originally, this was the main function of this type of duty on imports and exports.

However, with time it has become a passive function, especially for developed nations.

Secondly, this type of duty serves as a trade policy tool, which helps in protecting domestic industries.

It happens by ensuring it alters some specific conditions under which the goods compete in the local market.

For instance, you might find some authorities imposing low or zero duties to imports up to a specific volume.

Nonetheless, the same authorities may apply relatively high rates to imports, which surpass the quota level.

Thirdly, customs duty on imports/exports serve as a remedy to trade distortions.

And this is from the aspects of punitive function for the dumping of goods or products.

Significantly, this duty helps in regulating the particular products getting into the country, hence preventing prohibited goods.

BICS stands for "Binnenvaart Informatie en Communicatie Systeem", which means Inland Information and Communication System, and is a software program (for Windows and Linux) that is used by skippers of inland shipping vessels to notify their voyage and cargo information electronically to the relevant waterway authorities. BICS uses international standards for electronic reporting. As a result, BICS can also be used in other European countries. You comply fully with mandatory electronic reporting requirements when you use BICS.

Anti-dumping suits, along with ‘safeguards’ and ‘countervailing measures’, are tools for protecting domestic industries from surges of cheap foreign imports. Although the WTO strives to eliminate all trade barriers, it recognizes that nations require flexibility to adjust to economic shocks as multilateral agreements increasingly liberalize trade. Thus, these measures allow nations to temporarily protect their economies against fluctuations in trading patterns.

All companies are in business to make money. When a company experiences a 25 percent increase in its cost, it has entirely lost its margins. For this reason, it is important for a company to make decisions early on in the supply chain. Early and effective supply chain management enables companies to track the movement of the raw materials needed to create products, optimize inventory levels to reduce costs and synchronize supply with customer demand. Furthermore, supply chain management enables companies to maintain visibility over their logistics to ensure availability of materials and delivery of products to customers.