Imad Kassir

Methods employed in controlling the volume or value of goods coming into a country, usually to maintain the exchange rate of the country's currency. Also called import controls, the primary import restrictions are:

1. Tariffs (import duties) or taxes levied on the imported goods to make them costlier.

2. Import licenses or import quotas that limit the total quantity of goods imported, or imported from a certain country.

3. Currency restrictions that limit the amount of foreign exchange available for payment of imports.

4. Prohibition that prevents entry of illegal or harmful items. The last three are collectively known as non-tariff barriers.

Of course it is important. You should consider who and where the goods or services are coming from or going to. It is possible that financial sanctions such as an asset freeze may apply to one of the parties or to the financial aspects of the trade.

Also is important to examine who is shipping the goods, and whether they are being shipped on a sanctioned vessel.

You shall take into consideration whether a designated person is based in a different country to the one you are operating in, but is still subject to financial sanctions in that country. For example, companies from Malaysia, Turkey and UAE are listed under the Iran (nuclear proliferation) regime.

An ATA Carnet represents an international Customs document which authorizes the temporary importation of commercial samples, professional equipment or goods for an exhibition.

An ATA Carnet is valid for one year and permits for movement of the goods shown on the Carnet as many times as it is required during the 12 months to any of the destinations applied for.

Implemented in 1993, the Customs Modernization Act established the requirement that all importers must exercise reasonable care when importing goods into the U.S.

No matter the size of your business, it is your responsibility to be compliant with all trade regulations. Not declaring items with Customs can result in negative consequences such as fines, penalties, and detention of your product. If your business imports anything, then you are solely responsible for ensuring that you comply with the regulations.

Absolutely yes. It is quite possible to claim back import tax, which was either paid erroneously or in excess.

Even so, it is vital to understand different countries have varying stipulations in regards to the refund process of import tax and interest.

It can be relatively involving depending on the nature, quantity, and country of origin of the commodities.

In general, though, most stipulations surrounding refund on import duty stipulates the possibility of claiming back the tax.

It provides for either a person who pays the duty in pursuance to order or evaluation or a person who has borne the tax.