EconomyHeadlines Firm identifies gaps in import, export processes By maritimemag July 4, 2022 ShareTweet 0 Abiola SeunA consultancy firm, International Trade Advisory Services Limited (ITASL), has highlighted gaps inherent in Nigeria’s import, export trade and how it can help reduce revenue loss for the Nigeria Customs Service (NCS).The firm, however, proffered solutions that helps mitigate such gaps, and reduce losses for both government and investors involved in the cargo logistic chain.Addressing newsmen in Lagos, the Principal Consultant, ITASL, Okey Ibeke, explained that due to ignorance and sometimes deliberate acts towards duty evasion, importers and exporters suffer avoidable losses during import/export procedures.According to him, the losses are in turn transferred to the masses who are always at the receiving end of such short coming. According to Mr. Okey Ibeke, “Sometimes, due to ignorance and at times, deliberate act, importers and exporters suffer financial losses while trying to bring in or export their cargoes at the nations ports. “For instance, some vehicle importers, out of their quest to shortchange government, will damage brand new vehicles and claim that such vehicles are accidented vehicles just to pay lesser duty. “This category of Importers forgets that once the Chasis number of such vehicle is imputed into the system, it will show the history of the vehicle. “At the end of the day, such importers will end up paying more money to different government agency officials as bribes than what he should have paid if he had genuinely declared the kind of vehicle he is bringing in. “Again, for exportation, not everybody knows the foreign agency that handles his or her kind of export goods. “People just send goods to places like the United Kingdom without prior knowledge of which foreign agency handles such goods. ” At the end of the day, the percentage of exports from Nigeria that are rejected in these countries keep on rising, thus increasing the losses such exporters suffer. “At International Trade Advisory Services Limited, our export control solutions includes Jurisdiction Determination and Export Requirement Assistance. “For valuation determination, Customs worldwide are increasing their focus on compliance verification audit. ” Valuation is a key area that is scrutinised. Given the various methodologies, determining the value of duty can be incredibly complex. “Getting commissions, royalties or related party transactions wrong can result in repayment of duties and financial penalties. “At International Trade Advisory Services Limited, we provide technical and operational support on Customs and other regulatory compliance matters for organisations that engage in trades across international borders. “We have the expertise to provide assistance in interpretation of laws, regulations, product descriptions, harmonised tariff codes, valuation rules of origin, post-clearance audit and many more for the resolution of all import and export compliance and regulatory issues for our clients. “We also develop procedures, training modules and assessment programmes to identify compliance defects, develop solutions and coordinate improvement implementation. “At International Trade Advisory Services Limited, we apply appropriate procedures to determine the proper harmonised tariff classification on imports or export goods, and provide a complete audit trail to support importers or exporters classification claim. © 2022, maritimemag. All rights reserved.