Dubai Customs Voluntary Disclosure Program: Promoting Compliance and Transparency in Trade

• Dubai Customs implemented a Voluntary Disclosure System (VDS) under Customs Policy No. (58/2024) effective July 8, 2024
• The VDS aims to promote compliance, transparency, trust, and participation
• Clients can rectify errors in customs declarations without severe penalties
• The VDS covers various types of violations related to import, export, transit, warehouse, and more
• Eligible businesses and individuals can submit voluntary disclosures through the Dubai Customs portal
• Clients must settle due customs duties within 30 days of receiving the financial claim notification
• Dubai Customs will waive fines if violations are disclosed before they are discovered
• The VDS aligns with global standards and best practices for customs compliance
• It helps businesses avoid financial penalties and reputational damage
• The VDS supports the objectives of the World Trade Organization (WTO) and the World Customs Organization (WCO)

Source: mailchi.mp

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.

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