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TMI BlogBudget 2025 - Customs Law Changes: If Implemented Well, Could Improve Ease of Doing Business!X X X X Extracts X X X X X X X X Extracts X X X X ..... Budget 2025 - Customs Law Changes: If Implemented Well, Could Improve Ease of Doing Business! X X X X Extracts X X X X X X X X Extracts X X X X ..... 15; 18 If you've ever dealt with 𝗽𝗿𝗼𝘃𝗶𝘀𝗶𝗼𝗻𝗮𝗹 𝗮𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁𝘀, you know the struggle-𝗻𝗼 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲𝘀, 𝗲𝗻𝗱𝗹𝗲𝘀𝘀 𝗶𝗻𝗾𝘂𝗶𝗿𝗶𝗲𝘀, 𝗮𝗻𝗱 𝘆𝗲𝗮𝗿𝘀 𝗼𝗳 𝘂𝗻𝗰𝗲𝗿𝘁𝗮𝗶𝗻𝘁𝘆. Especially when the 𝗦𝗽𝗲&# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 120304;𝗶𝗮𝗹 𝗩𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 𝗕𝗿𝗮𝗻𝗰𝗵 (𝗦𝗩𝗕) gets involved. Well, that may be about to change. If implemented effectively, this could mean: ✅ 𝗦𝗵𝗼𝗿𝘁𝗲𝗿 𝘁𝗶𝗺𝗲𝗹𝗶𝗻𝗲𝘀-SVB investigations may now wrap up within 2 years. ✅ 𝗙𝘂𝘁𝘂𝗿𝗲 𝗰𝗮𝘀𝗲𝘀: Potentially capped at 2 years. ✅ 𝗘𝘅𝗶𝘀𝘁𝗶𝗻𝗴 𝗰𝗮 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0320;𝗲𝘀: Could also be completed within 2 years. For companies importing from their 𝗽𝗮𝗿𝗲𝗻𝘁 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗮𝗯𝗿𝗼𝗮𝗱, this could be a 𝗴𝗮𝗺𝗲-𝗰𝗵𝗮𝗻𝗴𝗲𝗿, bringing much-needed efficiency. 2️⃣ 𝗔 𝗻𝗲𝘄 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 18𝗔 𝗶𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗲𝘀 𝘃𝗼𝗹𝘂𝗻𝘁𝗮𝗿𝘆 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 𝗿𝗲𝘃𝗶𝘀𝗶𝗼𝗻 𝗼𝗳 𝗯𝗶𝗹𝗹 𝗼𝗳 𝗲𝗻𝘁𝗿𝘆 𝗼𝗿 𝘀𝗵𝗶𝗽𝗽𝗶𝗻𝗴 𝗯𝗶𝗹𝗹 𝗽𝗼𝘀𝘁-𝗰𝗹𝗲𝗮𝗿𝗮𝗻𝗰𝗲, allowing: ✅ Importers & exporters to 𝗿𝗲𝘃𝗶𝘀𝗲 𝗲𝗻𝘁𝗿𝗶𝗲𝘀 𝘄𝗶𝘁𝗵𝗶𝗻 𝗮 𝗽𝗿𝗲𝘀𝗰𝗿𝗶𝗯 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6;𝗱 𝘁𝗶𝗺𝗲. ✅ Revised entries to be treated as 𝘀𝗲𝗹𝗳-𝗮𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁𝘀. ✅ Voluntary payments 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗽𝗲𝗻𝗮𝗹𝘁𝘆, but with 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝘂𝗻𝗱𝗲𝗿 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 28𝗔𝗔. ✅ If a revised bill of entries results in a refund situation, it will be deemed as a 𝗿𝗲𝗳𝘂𝗻𝗱 &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 120302;𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝘂𝗻𝗱𝗲𝗿 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 27 𝗼𝗳 𝘁𝗵𝗲 𝗖𝘂𝘀𝘁𝗼𝗺𝘀 𝗔𝗰𝘁. ✅ 𝗢𝗻𝗹𝘆 𝗿𝗶𝘀𝗸-𝗯𝗮𝘀𝗲𝗱 𝘃𝗲𝗿𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻-not all revised entries will be scrutinized. 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗳 𝗦𝗲𝗰𝘁x ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 310;𝗼𝗻 18𝗔 ✔️ 𝗦𝗵𝗼𝗿𝘁 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗼𝗳 𝗖𝘂𝘀𝘁𝗼𝗺𝘀 𝗗𝘂𝘁𝘆 - Importers often struggle to get a 𝗿𝗲𝗮𝘀𝘀𝗲𝘀𝘀𝗲𝗱 𝗯𝗶𝗹𝗹 𝗼𝗳 𝗲𝗻𝘁𝗿𝘆 (essential for 𝗜𝗚𝗦𝗧 𝗰𝗿𝗲𝗱𝗶𝘁) even after paying additional customs duty. This change could simplify the process. ✔️ 𝗘𝘅𝗰&# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 120306;𝘀𝘀 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗼𝗳 𝗖𝘂𝘀𝘁𝗼𝗺𝘀 𝗗𝘂𝘁𝘆 - Currently, importers must go through 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 149 (𝗮𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝗼𝗳 𝗯𝗶𝗹𝗹 𝗼𝗳 𝗲𝗻𝘁𝗿𝘆) or 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 128 (𝗮𝗽𝗽𝗲𝗮𝗹𝘀 𝗽𝗿𝗼𝗰𝗲𝘀𝘀)-both 𝘁𝗶 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0314;𝗲-𝗰𝗼𝗻𝘀𝘂𝗺𝗶𝗻𝗴 𝗮𝗻𝗱 𝗰𝗼𝘀𝘁𝗹𝘆. This amendment may offer a 𝗳𝗮𝘀𝘁𝗲𝗿 𝗮𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲. 🚫 𝗡𝗼 𝗿𝗲𝘃𝗶𝘀𝗶𝗼𝗻 𝗮𝗹𝗹𝗼𝘄𝗲𝗱 𝗶𝗳: ❌ Audit, search, seizure, or summons have been initiated. ❌ A revised bill of entry 𝗿𝗲𝘀𝘂𝗹𝘁𝘀 𝗶𝗻 𝗮 ҳ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19;𝗲𝗳𝘂𝗻𝗱 𝘀𝗶𝘁𝘂𝗮𝘁𝗶𝗼𝗻 and has been reassessed under 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 17 or 𝗽𝗿𝗼𝘃𝗶𝘀𝗶𝗼𝗻𝗮𝗹𝗹𝘆 𝗮𝘀𝘀𝗲𝘀𝘀𝗲𝗱.
❌ Any other case specified by the 𝗕𝗼𝗮𝗿𝗱.
Will this truly streamline processes or create new complexities? X X X X Extracts X X X X X X X X Extracts X X X X
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