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The Cost of Not Having Proper Documentation »

The Cost of Not Having Proper Documentation

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The Cost of Not Having Proper Documentation

It happens everyday that companies do not use an automated system when shipping goods.  This happens most often when companies ship spare parts both inside and outside the US.  Without an automated system that keeps good track of things like the price, where the good was made and even your own taxed ID number, the customs authorities in any country will stop your goods, confiscate your goods or charge you duty.

In a recent case, because a company did not have the proper documentation, they were charged $8,000 of duty in taxes on a $16,000 piece of equipment.  They were unable to recover that money.  If they had put an automated system into place, they would not have had to deal with this problem to begin with. So, you can easily see that too many of those mistakes can cost a company a lot of money very quickly.

The iTRAC Global system is specifically designed to help companies avoid those kinds of mistakes that result in penalties, fines and other bad situations. Avoiding law enforcement and penalties from the various governmental bodies involved is not a simple task, as the rules for import and export are multifaceted and constantly changing.  If you have any questions or need help with import or export compliance, please feel free to contact us.

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