Customs-Regulatory Compliance Management Report

Added on - 18 Feb 2020

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CUSTOMS-REGULATORYCOMPLIANCEMANAGEMENT
Table of contents1.Flexibility in procedures so that compliant traders can be rewarded encouragescompliance amongst all traders...................................................................................................31.Type of payment terms.........................................................................................................32.National customs legislation.................................................................................................44.Identification of stakeholder and strategy for communicating with them................................45.SAD and its purpose:................................................................................................................5
INTRODUCTIONRegulatory compliance includes the objective which an organization wants to achieve byfollowing relevant laws, policies, and regulations. The companies follow harmonized sets ofcompliance controls for keeping operational transparency (Oyewunmi and et al, 2017). The fileincludes flexibility in procedures, type of payment terms, customs to demand duty and strategyfor communicating with stakeholders.1. Flexibility in procedures so that that compliant traders can be rewarded, encouragescompliance amongst all traders.Yes, I agree that by allowing flexibility in processes that complaint traders can berewarded encourages compliance amongst all traders. Authorized economic operator (AEO)refers to the party which is involved in the international movement of products in whateverfunction that has been approved by. These operators with large business use trusted traderprograms like authorized economic operator program (Arjoon, 2017). This program is organizedby the Australian Customs for offering various facilities to international trade of goods.Small scale companies are unable to use TTP due to its high prices. By lowering prices ofentry requirements, small businesses will able to use this program. It will not only providebenefits to the organization but will also enhance sales and profitability of the program. Alongwith this, small scale firms will get an opportunity to expand their business by managing workappropriately and effectively. The firm will get benefits like faster clearance of goods, lessinterference by customs and high level of services. These features will help small scalecompanies to conduct their trade properly and more efficiently. The security function of theprogram will assist companies in securing their personnel, information and other business relatedprocesses (Grainger, 2016). Increasing use of TTP in both small and large sector will increase itspopularity and profit worldwide.2. Type of payment termsAs an exporter of tropical fruit, I am dealing with a new customer having the potential tofurther large purchases. But the case is to provide excellent services and product in the firstshipment. For this kind of consignment, I will select cash in advance. Under this payment term,the exporter will able to eliminate the risk of non-payment or credit risk. In this, I will able toreceive payment before the transport of good services and good products to the customer. There
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