Duty Recovery
“It’s not in the budget… We’ll take our chances…We’ll address it if we get audited”
These are common statements we hear when compliance projects are pitched to management.
Typically if a company is making these statements they usually have some situations in their records that require attention but they do not have the resource to address them.
Fact: CBSA targets approximately 300 importers annually for Multi-Program audits. Numerous other Desk audits and single program audits are conducted to assess and support overall compliance. Their mandate is to audit every importer to ensure compliance.
According to the 2007-2008 Finance Canada Annual Report, Revenues from Customs Import Duties were $3.9 Billion.
It is our experience from duty recovery audits that there is an average error rate of 10%. Applied to the above revenue number would be $390 million dollars in overpaid duties. This begs the question how much of this number do you have sitting in your books?
MEPS Duty Recovery service can assist by reviewing your import transactions to provide a cursory assessment of your importing environment. Our fees are success based on duty recovery for this service.
What you receive:- Refunds from the government (bottom line after tax profit)
- CSA Readiness Assessment
- Statistical Data to support CSA compliance
- FIRM report from CBSA
Refunds from the government can be used to supplement or fully fund compliance projects.
Contact us today about your Duty Recovery project.