Import Charges: Are You Paying More Than You Should Be?

Your business probably benefits from what is now a truly global marketplace and that means you can order goods from around the world. One of the issues attached to this way of trading is that you can sometimes get stung by unexpected import charges and taxes.

Trying to calculate these charges can be a real minefield and very confusing, which is why you might decide to search customs broker Sydney, for example, in order to get help from someone who can guide you through the process and ensure that you don’t pay more than you need to.

Here is a look at some aspects of import charges that you need to be aware of if you want to be sure that your business is not overpaying.

Understanding sea freight charges

One of the reasons why import charges are so confusing, even if you are a competent business trader with lots of experience, is the fact that every country has different rules and tariffs.

That means you can’t always take the price of the goods that you are importing too literally. This is due to the fact that the price could soon escalate if you don’t factor in sea freight charges and other relevant charges and taxes.

The bottom line is that you will need to get a handle on exactly how much you are being charged for sea freight, depending on where your goods are coming from. Importing goods from China will be subject to different charges compared to goods from India, for instance.

In general terms, sea freight charges are usually calculated either by volume or weight, whichever is the greatest.

Other factors that need to be taken into consideration include which port the goods are coming from and your business location. The default calculation for sea freight charges is usually based on volume. Therefore, it is essential that you know the dimension of your shipment if you want to get an accurate price for sea freight charges.

It is worth remembering that sea freight charges are usually considerably cheaper than using air freight. This is usually because weight allowances are more of a premium when shipping by air.

Duties and Taxes

When you are importing goods from another country it is likely that duties and taxes will be applied to your final bill.

The difficulty you might have in trying to compare the costs of goods you want to import is that the country of origin will be highly influential when it comes to what sort of charges you will be liable for.

This is one reason why you might want to use the services of a shipping broker because they will know which countries have the most competitive duties and taxes. The unit price of your goods is not the only way to work out which supplier to get your import from. You also have to have the right information on duties and taxes so that you can calculate exactly what the best deal is.

It is all too easy for your business to end up paying too much in import charges. This is why it pays to do your research and have a good level of knowledge about how each country of origin charges you when you place an order.

TIME BUSINESS NEWS

TBN Editor

Time Business News Editor Team