The obligation to submit foreign trade reports is based on the provisions of Sections 63 et seq. of the Foreign Trade and Payments Ordinance (AWV). Accordingly, payment reports, stock reports and asset reports must be submitted to the Deutsche Bundesbank for the purpose of drawing up the balance of payments for the Federal Republic of Germany. Compliance with the reporting requirements is regularly audited by the Deutsche Bundesbank and by the customs authorities, irrespective of the industry. Incorrect, incomplete or late declarations constitute violations of the AWV and can be punished as administrative offenses by the customs authorities responsible for them. In accordance with the provisions on fines under § 19 para. 6 AWG, fines of up to EUR 30,000 per reporting violation are possible. In addition, company owners and executives may be sued for damages pursuant to Sec. § Section 130 OWiG (in conjunction with Section 9 OWiG) fines can be imposed for breaches of supervisory duties. It is also possible to sanction the companies concerned themselves by imposing association fines (Section 30 OWiG).
Based on our experience, we can divide the most common sources of errors into the following categories:
KPMG creates transparency and thereby reduces risks and costs – with an individual approach aligned to your needs and the maturity of your reporting processes. We advise on regulatory requirements and identify your reportable issues, applicable reporting sheets, and existing reporting gaps. On the basis of the established facts, we support you in the preparation of subsequent notifications and, if necessary, examine the possibility of a voluntary self-disclosure in accordance with § 22 para. 4 AWG. When fine proceedings are initiated, we develop the necessary defense strategy and coordinate the proceedings and communication with the investigating authorities.
We also evaluate your data basis and availability as well as the technical maturity level and determine possible automation potentials. Based on this, we support you in defining, implementing and optimizing the reporting processes up to fully automated creation. To sustainably ensure the effectiveness of your reporting processes, we provide comprehensive training materials tailored to the target group, define guidelines and manuals, and advise you on possible quality assurance measures or a possible centralization of the reporting process organization.
Our range of services in the field of foreign trade reporting is wide – feel free to contact us with your individual questions!
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