What is meant by "self-assessment" in customs compliance?

"Self-assessment" in customs compliance refers to a program that empowers importers to evaluate and ensure their own adherence to customs regulations. This approach allows businesses to take proactive steps in identifying potential compliance issues, thus facilitating their ability to manage risks associated with customs duties, tariffs, and other regulatory obligations. By conducting regular self-assessments, importers can verify that they are following the correct procedures, accurately declaring goods, and fulfilling their obligations under customs law.

This method promotes accountability and encourages compliance by providing importers the tools and framework to assess their own operations. It contrasts with mandatory inspections or audits which are imposed by external authorities. Through self-assessment, importers can work towards greater transparency and integrity in their customs practices, which can ultimately lead to smoother operations and potentially lower the risks of penalties for non-compliance.