• Explainer

Rising interest on duties: increasing costs of errors in customs declarations

Jurgita Bartninkienė Head of Customs Brokerage and Customer Service, First Logistics UAB
August 05, 2023
en lt
Rising interest on duties: increasing costs of errors in customs declarations

Adobe Stock

Those who pay their mortgages have become accustomed to paying higher interest rates. However, this applies not only to mortgages, but also to other interest and late payment charges that we may not think about in practice. For example, increased interest on customs duties, which are additionally charged by customs authorities when discrepancies are found after customs clearance.

OR

Continue reading this article

Open for free

Comments ()

Similar content

Topic spotlight
icon
Tariffs – pros and cons
09-06-2025

Discussions around US tariffs have made many people think again about the reasons and motivations behind countries imposing tariffs. Throughout history, there have been many examples of strict … protectionism and free trade between countries. Why do countries impose tariffs, who benefits from them, and who loses out? What are the consequences and risks of unjustified tariff policies? These and other questions were discussed at the 27th Authors' Meeting, which brought together customs and trade experts from Belgium, Bulgaria, Lithuania, the Netherlands, Brazil, the US and China. Read an overview of the discussion in the article below.

€
duties, taxes
Topic spotlight
icon
Tariffs – pros and cons
09-06-2025

Discussions around US tariffs have made many people think again about the reasons and motivations behind countries imposing tariffs. Throughout history, there have been many examples of strict protectionism and free trade between countries. Why do countries impose tariffs, who benefits from them, and who loses out? What are the consequences and risks of unjustified tariff policies? These and other questions were discussed at the 27th Authors' Meeting, which brought together customs and trade experts from Belgium, Bulgaria, Lithuania, the Netherlands, Brazil, the US and China. Read an overview of the discussion in the article below.

€
duties, taxes
Country update
icon
China’s countermeasures in response to US tariff escalations
22-05-2025

The United States' imposition of new tariffs has been a key talking point in professional, political and academic circles for some time. Countries are reacting to the new US trade policy in various … ways. This article discusses the measures taken by China in response to US tariff policy and how companies that depend on the Chinese market can adapt to the new conditions.

Zhiwei Chen

€
duties, taxes, restrictions, trade barriers
Country update
icon
China’s countermeasures in response to US tariff escalations
22-05-2025

The United States' imposition of new tariffs has been a key talking point in professional, political and academic circles for some time. Countries are reacting to the new US trade policy in various ways. This article discusses the measures taken by China in response to US tariff policy and how companies that depend on the Chinese market can adapt to the new conditions.

Zhiwei Chen

€
duties, taxes, restrictions, trade barriers
News update
icon
US customs tariff news: April 2025
08-05-2025

News in brief: reciprocal tariffs on imports from countries with the largest trade deficits introduced and further amended; de minimis treatment for imports from China and Hong Kong eliminated; … tariff increases on selected Chinese goods; updated automotive tariff sysem for US manufacturers; clarification to avoid tariff stacking; Section 232 investigation into processed critical minerals and derivative products.

€
duties, taxes, law
News update
icon
US customs tariff news: April 2025
08-05-2025

News in brief: reciprocal tariffs on imports from countries with the largest trade deficits introduced and further amended; de minimis treatment for imports from China and Hong Kong eliminated; tariff increases on selected Chinese goods; updated automotive tariff sysem for US manufacturers; clarification to avoid tariff stacking; Section 232 investigation into processed critical minerals and derivative products.

€
duties, taxes, law
Topic spotlight
icon
US imports: how to legally save duties with the "First Sale" strategy
06-05-2025

The “first sale” principle offers companies exporting to the US considerable potential savings on customs duties. Especially in times of increased trade tensions and special tariffs, this method … can lead to significant cost savings. This article explains the mechanisms, prerequisites and practical application of this principle using a specific example from the German mechanical engineering industry.

Christopher Matt

€
duties, taxes
Topic spotlight
icon
US imports: how to legally save duties with the "First Sale" strategy
06-05-2025

The “first sale” principle offers companies exporting to the US considerable potential savings on customs duties. Especially in times of increased trade tensions and special tariffs, this method can lead to significant cost savings. This article explains the mechanisms, prerequisites and practical application of this principle using a specific example from the German mechanical engineering industry.

Christopher Matt

€
duties, taxes
Topic spotlight
icon
What is your risk profile with customs?
15-04-2025

This article looks at how your business activities, trading relationships, internal controls, and interactions with customs and other authorities can impact your risk assessment and, in turn, … the extent of customs controls. It also offers practical insights into how companies can lower their customs risk profile and reduce the level of scrutiny customs authorities apply to their operations.

Boryana Peycheva

€
risk management
Topic spotlight
icon
What is your risk profile with customs?
15-04-2025

This article looks at how your business activities, trading relationships, internal controls, and interactions with customs and other authorities can impact your risk assessment and, in turn, the extent of customs controls. It also offers practical insights into how companies can lower their customs risk profile and reduce the level of scrutiny customs authorities apply to their operations.

Boryana Peycheva

€
risk management
support@customsclear.net +370 664 26393 (EN, RU) 37066426393 (LT) +37064465553 (DE)
Login Sign up
Forgot password?

* Mandatory fields

By signing up you agree to the Terms of Use and Privacy Policy

Password reset

Check your e-mail, we sent you a link to reset your password.
Login with Google Login with LinkedIn
Contact us

Contact us

Thank you for report
Maximum file size 6mb
File is too large