Customs & Global Trade
These are the essential terms that customs and global trade professionals should know. If you see a term that is missing, please reach out to us.
Deferment Approval Number
A Deferral Approval Number (DAN) identifies a trader's deferment account. An licensed importer may pay customs charges, excise duties, and import VAT via Direct Debit using a Duty Deferment Account (instead of paying for individual consignments). Your Duty Deferment Account may be charged for duty or VAT after a shipment. Our blog has further information about this.
Commodity codes identify items for import and export so merchants may fill out declarations and other paperwork, pay tax or VAT, and get duty reliefs. Enter the codes for the commodities your organization transfers. You must know the commodity codes for your items making customs declarations. To prepare for importing and exporting, define your commodity codes. We can help you with that.
Customs Procedure Codes
Customs process codes (CPCs) indicate the customs and/or excise regimes via which goods are entered and exited. If your firm often use particular codes, please enter them here. Before you can submit customs declarations, you must first understand the customs process codes that relate to the products you wish to transport. To properly prepare, you should start thinking about and determining what customs process codes will apply. We can assist you with this. These will be used to assist you in understanding the declaration procedure.