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Irrelevant application of Customs Standard Operation Process (SOP) to the prevailing regulations can result in risk and future repercussions, including penalties and sanction as well as decrease in a company’s customs system reputation.
Bonded Zone is an area stipulated by Decree of the Minister of Finance through the Directorate General of Customs and Excise for industrial companies with an export focus, downstream industries, performing import substitution and specific strategic industries.
Firms without adequate resources, including trained staff in customs are at risk. It’s crucial to establish internal controls and quality assurance procedures, but these controls are ineffective without proper monitoring and follow-up.
How you structure your customs may affect your business and transaction, it raises challenges and opportunities. Oftentimes, the alteration of an internal team or consultant increases the threat to the company.
A Special Economic Zone (SEZ) is the preparation of areas which have accessibility to the global market (access to the sea port and or airport). The areas are designed to maximize industrial activities, export, import and other related activities which has high economic value.