The customs and excise authorities assess and acquire the customs and excise duties levied by the federal government as an vital income. The customs and excise authorities that the quantity of sure imports doesn’t exceed the quota or restrict allowed to be imported inside a specified interval. Quotas are imposed to guard the native producers from international competitors and solely a restricted quantity of international items might be allowed into the home market to compete with the domestically manufactured items.
One of many features of the customs is to maintain statistical data of exports and imports to and from international nations to point traits in respect of portions and values traded. Customs declaration types must be accomplished for items imported and exported, whether or not dutiable or non-dutiable. These types allow the customs and excise authorities to see at a look what items needs to be taxed and what shouldn’t. The gathering of customized duties is required as very important data as a way to confirm the amount, in addition to the course of commerce with every nation and with the world as an entire. The knowledge is required by the federal government because it signifies the efficiency of the nation in worldwide commerce. That is the steadiness of funds and commerce.
This data can also be wanted by the merchants because it helps them to determine the wants of shoppers and assess the consequences of presidency commerce insurance policies. Prevention if smuggling of prohibited items is one other perform of customs and excise duties. Excise authorities and customs police all factors of entry into the nation, particularly the coastal space to forestall contraband items like harmful medicine from incomes the nation illegally or dutiable items getting into or leaving the nation with out the fee of obligation. Via their actions the Customs and Excise Authorities are capable of save quite a lot of authorities income which in any other case would have been misplaced via unlawful transactions.
The final however not the least perform of Excise Authorities and Customs is to manage the bonded warehouses. They management bonded warehouses the place dutiable imports are saved till obligation on them has been paid by the importer. Dutiable imports meant for re-export may be saved within the bonded warehouse in order to keep away from the fee of customs obligation upon entry and exit. Nonetheless, if obligation on such imports has been paid, a refund referred to as customs drawbacks may be claimed by the importer when these items are re-exported.