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How technology is transforming trade, customs tariff classification
AI has revolutionised the audit process within the tax and accounting profession. Traditionally, audit involved manual reviewing of financial data, which was time-consuming and prone to human errors.
Customs tariff classification is pivotal in international trade, as it determines the duties and taxes applicable on cross-border movement of goods.
Traditionally, this process has been manual, leading to inaccuracies and penalties for non-compliance arising from variations in interpretation and ambiguity in goods descriptions.
