Customs and Excise Act review

What will this mean for your business?

The New Zealand Customs Service has recently undertaken a major review of the Customs and Excise Act 1996. The key focus of the review is to implement a Customs framework that is user friendly, provides flexibility for operational and technological changes in the future while ensuring New Zealand has a world-class border management system. Customs wants to create an environment that facilitates rather than hinders trade and supports the Government's economic growth objectives. As such, a discussion paper has been released for public consultation and the deadline for submissions is 5pm, Friday 1 May.

New Zealand prides itself on having one of the more progressive Customs services in the world. However, our Customs legislation has not kept pace with the digitalisation and globalisation of trade, travel and changes in global business models and practices. The new legislation aims to bridge that gap. As noted in the New Zealand Customs Service 2020 strategy, the "goal is to make compliance easy to do and hard to avoid".

The new Act could be enacted as early as 2016. It will impact exporters, importers, Customs brokers, freight forwarders, and businesses changing their supply chains. It's important that you keep up with these changes and how they could affect you. This is also a great opportunity to have your say and be part of the public consultation process.

We have summarised the discussion paper's key findings, insights, and issues in our publication.

Key topics include:

• principles-based legislation
• GST at the border
• key issues for exporters and importers
• record keeping
• valuation of goods
• transfer pricing and Customs valuation.