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Customs Assist in GTM

edited Nov 29, 2024 3:14AM in Global Trade Management 1 comment

Summary:


OSP  Orders where materials, tooling or foreign designs are provided to supplier are considered a Customs ASSIST.

A Customs assist is when an importer of foreign merchandise provides something of tangible value to the producer or supplier of that merchandise (materials, components, tools, or other items) at a reduced cost or for free to use in the production of imported goods. The effect of providing the materials, designs etc., makes the cost of production less than what it would have been had the producer obtained the materials, etc. from third-party sources.

             

Customs requires that the value of the ASSIST must be included in the value of the imported goods when making a Customs import declaration. Failing to account for customs assists that the importer has contributed to the manufacture of their products can mean reporting a lower valuation and therefore underpaying Customs duties, VAT /GST and noncompliance.

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