Import and export can be a tricky business. People in this field will tell you the kind of compliances and rules one needs to adhere to in order to successfully import or export goods. The ITN, Internal Transaction Number, is one of the most important aspects which is significant, especially during exports.
An ITN can be understood as a number you receive for confirming your Electronic Export Information (EEI) acceptance in the Automated Export System, AES. It begins with an ‘X’ and consists of the year, month and day of acceptance and a random number. Since the number is of great importance during the customs process, let us try to understand the role ITN plays during this process.
- Proof of filing
Not everyone knows this, but failure to file correct information can lead to civil and even criminal penalties up to $10,000! This is why people often hire agents who can ensure a much simpler and smoother experience. So, your ITN is a legal proof that you or your agent on your behalf has filed the Electronic Export Information, which is required by the FTR. Always keep in mind that the simple act of filing isn’t indeed enough, one should have legible proof to support it.
- A specific requirement
While ITN is a substantial proof of filing, you’ll learn that there are certain documents of goods that require the ITN, at the time of export. Without the ITN on these documents, goods can get held up at the customs during export.
- Verifying filing accuracy
It’s a well-established fact that submitting incorrect data can lead to different kinds of penalties. One must be extremely cautious while filing EES and other notable information. In a routed export transaction, the ITN can help you ensure that the information filed on your behalf is correct or not. This can be helpful for those hiring agents as they can cross-check the information, and eliminate chances of errors, leading up to heavy fines.
While it is advised that one must file through the AES on their own, if there’s an agent involved, monitoring all possible transactions can help ensure compliance.
While ITN is significant during the customs process, it is especially important for exporters. So, if you are thinking of exporting goods in the near future, you must do your own research before hiring an agent. Agents can help you throughout the process along with obtaining the ITN. And, this is where you can trust Clearit.ca ITN number.
