In today’s everchanging geopolitical environment, businesses operating in Asia Pacific faces increased challenges in trade and customs compliance.
The continual evolution of customs regimes, regulations, and processes forces companies to stay abreast with the expanding range of requirements. Export Control regulations are reshaping the regulatory landscape across the region, adding layers of complexity. As trade flows are influenced by shifting political and economic dynamics, it is imperative for companies to remain flexible, yet robust in establishing its internal controls.
The importance and magnification of trade and customs compliance have become an influential factor, contributing to other areas of tax and regulatory obligations (i.e., supply chain restructuring, customs valuation, transfer pricing, etc.). Failure to manage any potential risks from the mandatory requirements effectively, may result in significant financial losses and reputational damages.