Tips to Reduce Taxes, Duties and Hidden Charges When Importing Goods

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Importing goods for your business is an excellent way of growing your enterprise and increasing your clientele base. However, before you get your first shipment, there are a lot of costs that you have to incur. Most of these relate to the process of bringing goods into your country and clearing them with the customs department.

If you are not careful, importing products can cost you a lot of money which you may not recover even after making sales. There are import taxes, duties, and other hides fees that you have to incur, and if you are not wise, these amounts can be so high. That's why you need to learn the following tricks that will help you reduce import costs.

1. Understand local import rules

Different states have varying rules surrounding the import process. For example, there are rules for importing counterfeit goods, how products should be packaged, quality standards, and so forth. The first step to reducing your import costs is to know what the local importing regulations are, especially concerning the kind of goods that you are importing. Failure to do so can get your goods withheld by the customs officers until you sort issues out with them. This not only increases the risk of being charged more, but you will also incur storage fees as well.

2. Opt for full container load

When shipping, you have the option of going for less-than-container load (LCL) or full container load (FCL). LCL is where your goods are not enough to fill a whole container; therefore, they are shipped together with products from other businesses. FCL shipping is where the container you ship with contains your products only. LCL shipping is more expensive if your goods sit at customs for a prolonged period. It can also inconvenience your business. However, with FCL, the container has your products only, and this enables you to get cleared fast and with minimal complications.

3. Take advantage of end-user tariffs

Various end-user tariffs apply to different kinds of products in different states. Some product applications allow you to get waivers and pay less duty and other fees. For example, a product that is useful in the medical industry can get waived to reduce its cost in the local market. This will enable it to be cheaper for use in health facilities. Before importing, think about the many ways your product can be used and choose favorable end-user codes. These can help you to lower the cost of the import.

Importing goods can be a difficult process that requires a lot of expertise, especially if you want to cut costs. Consider working with an international shipping company so that they can handle the process and help you reduce taxes, duties, and other charges.

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