Benefits of using CFSP
- The tax point shifts to the supplementary declaration date, providing a cashflow benefit by paying import duty & VAT later on. In combination with customs Special Procedures it is possible to extend the tax point (for goods entered via CFSP) until the goods are ready to be sold into the home market.
- The importer has more time to provide the import paperwork and information to the agent
- The initial import entry automatically goes route 6, meaning the goods automatically clear on arrival as opposed to going for paperwork or physical inspection checks
- A higher level of customs compliance, as the agent is under less pressure to clear the goods and has time to fully investigate any queries and make sure the goods are declared accurately.