Introduction - An interplay of business, regulatory and compliance aspects
An understanding of trade and customs is crucial to global transactions of goods crossing national boundaries. Duties of customs are transaction-based taxes having a strong interplay with business operations and performance at an entity level. Similarly, trade controls on imports and exports of sensitive technologies and goods, impact business models.
Besides trade transactions, multiple business touchpoints hold relevance for it. These include:
- Business functions – strategy, planning, procurement, warehousing, compliance, legal, tax, operations, production, sales, systems, contracts, data, documentation etc.
- Business metrices - cost, margin, working capital etc.
- Stages of business lifecycle - growth, downturn, turnaround, scaleup, stability and transformation
- Evolution of law with change in business - Continuous engagement with the regulators as the framework evolves to adopt economic changes.
Trade and customs has an important role in delivering efficiency, mitigating risk, providing market access and ensuring sustainability in the changing economic context. Further, it provides an important feedback loop to the government in fine tuning its economic and fiscal policy framework.
While specific business situations require a certain scope of support articulated in that very context, at a high level we offer the following illustrative list of services: