The Administrative Monetary Penalty System (AMPS) is a graduated system of monetary penalties aimed at discouraging non-compliance with customs and trade requirements. It can cause significant financial loss to your organization through reoccurring penalization. Companies that import or export goods should assess their current level of compliance.
Companies should review their customs-related business systems, processes and procedures in areas such as: valuation, tariff classification, diversion reporting, export reporting and controls, record-keeping and duty deferral. Some importers and exporters must comply with requirements of other government departments and should incorporate these provisions into their compliance program.
How PricewaterhouseCoopers can help
Our Indirect Tax Services professionals offer skills, knowledge and experience to help companies plan and manage customs and trade compliance. With our experienced local team and global network, we can help companies across every industry by:
Contact a member of our team for more information on AMPS compliance.