Episode Overview: In this enlightening episode, we delve deep into the world of customs and compliance with the Founder and CEO of Zeus Logics. This isn’t just an overview of importing; it’s a comprehensive guide through the intricacies of customs regulations and how they can make or break your supply chain.
Key Points Discussed:
- Beyond HTS Codes and Incoterms:
- Exploring overlooked aspects like DNPS, MFNS, and the nuanced valuation of goods.
- Understanding fringe issues in customs compliance.
- Global Customs Regulations:
- How regulations vary significantly across key markets.
- The importance of understanding slight deviations from UN interpretations and methods of enforcement.
- The Scope of Customs Compliance:
- The ongoing process of record-keeping and maintenance post-clearance.
- The necessity of vetting record-keeping compliance.
- Common Compliance Risks:
- Risks related to personal tax, underpaying duties, and HTS code accuracy.
- The triggers and implications of audits, especially for smaller companies.
- Case Study of Non-Compliance:
- Analyzing a real-life scenario where goods were held for over 150 days due to non-compliance.
- E-commerce Challenges:
- The unique customs hurdles for e-commerce businesses like Temu and Shein.
- The impact of regulations like Diminimus on individual package shipping.
- Staying Updated:
- Strategies for keeping abreast of frequent changes in customs regulations.
- The role of geopolitics in supply chain management.
- Impact of Sanctions and Embargoes:
- How international events, like the war in Ukraine, influence supplier selection and compliance.
- Final Thoughts:
- Emphasizing the importance of continuous compliance awareness.
- Tips for product launches and dealing with labeling issues.
