Medical Duty | 2024 ZIM Final

Ensured accurate duty assessments for high-value goods.

M Company

2021

Medical Devices

Challenges in calculating duties for imported medical devices led to overpayments and compliance risks. Automated duty assessment tools ensured accurate calculations, reducing financial risks and improving compliance for M Company.

Analysis

Manual duty calculations led to errors and overpayments.

Our review revealed that duty calculations were manually performed, increasing the risk of human error. Inconsistent use of tariff schedules and a lack of real-time updates on regulatory changes further compounded the problem, leading to financial losses.

Challenge

Inaccurate calculations of duties caused overpayments and compliance risks.

M Company struggled with frequent errors in calculating duties for high-value medical device imports. These errors resulted in overpayments and increased compliance risks, as inaccuracies often triggered customs audits and fines.

Solution

Automated duty assessment tools reduced errors and ensured compliance.

Automated duty assessment tools were introduced to ensure accurate and consistent calculations. Real-time updates on tariff schedules and regulatory changes were integrated into the system. Staff training programs were conducted to improve understanding of the new tools and reduce dependency on manual processes.

Maintance

Regular system updates and periodic reviews maintained accuracy in duty assessments.

Periodic reviews of duty calculations were scheduled to verify accuracy and compliance. The automated system was regularly updated to reflect changes in tariff schedules and regulatory requirements. Over two years, M Company eliminated overpayments and minimized the risk of customs audits, ensuring consistent compliance and financial stability.