- CARM Release 2, a multi-year initiative in Canada, aims to simplify importers’ accounting for goods and payment of duties and taxes through the CARM Client Portal.
- The official launch of CARM Release 2 has been delayed until May 2024, with a soft launch planned for October 2023 for selected industry partners to test their systems.
- CARM Release 2 will introduce an electronic commercial accounting declaration (CAD) to replace paper-based forms and require importers to post their own financial security for goods to be released into Canada.
- Proposed amendments to the Valuation for Duty Regulations would change the method of valuing imported goods, with the declared value for duty being the price of the last transaction that causes the goods to be imported.
- A public consultation period on the proposed amendments closed in July 2023, and the government’s next steps are unclear.
- The CBSA has updated its trade compliance targeted verification priorities, focusing on tariff classification and valuation issues.
- The CBSA uses various tools to monitor customs compliance and can audit importers’ activities for up to four years, with non-compliance resulting in additional duties, penalties, and interest.
Source: globalcompliancenews.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
