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The October 15, 2014 deadline to declare exports in advance has passed and Singapore Customs is now issuing financial penalties to shippers for non-compliance with the new Advance Export Declaration ruling. In order to help companies assess their readiness to deal with the new legislative environment, we have prepared this simple self-assessment questionnaire:
1. Have you been fully briefed by your Trade Compliance team on what the requirements of AED are?
2. Have you fully briefed your clients on how the end of the AED adjustment period on September 30, 2014 affects them?
3. Does your Tradenet software alert you as to how much time you have to declare before you are in breach of the AED rules?
4. Do you know what the penalties are for a breach of the new AED rules?
5. Have you explored whether your business or that of your client may be exempt from the new AED rules?
6. Has your outsourced Tradenet service provider briefed you on the pitfalls of not complying with the new AED rules?
7. Are you are aware as to how Singapore Customs is monitoring compliance with the new AED rules?
8. Are you aware that TNETS is passionate about trade compliance and about ensuring its clients (and their clients) stay on the right side of the law?
If you have answered ‘No’ to any of these questions then please contact a member of our team below for a free, no obligation discussion on how you can improve compliance with AED:
Let TNETS help you stay on the right side of the law and avoid penalties and delays.