What is preferential customs duty rate in SAP SLL - Global Trade Services?

SAP Term: preferential customs duty rate

• Component: SLL

• Component Name: Global Trade Services

• Description: A reduced customs tax rate on the importation or exportation of merchandise.

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• Key Concepts: 
  Preferential customs duty rate is a rate of duty that is lower than the standard rate of duty applied to goods imported into a country. This rate is typically applied to goods that are imported from countries with which the importing country has a trade agreement. The preferential customs duty rate is managed by SAP Global Trade Services (GTS).
  
  How to use it: 
  In order to take advantage of preferential customs duty rates, companies must first register with the relevant government authorities and obtain the necessary documentation. Once registered, companies can use SAP GTS to manage their preferential customs duty rates. This includes setting up the necessary rules and regulations, as well as tracking and monitoring the applicable rates.
  
  Tips & Tricks: 
  It is important to ensure that all documentation related to preferential customs duty rates is kept up-to-date in order to take full advantage of the lower rates. Additionally, companies should be aware of any changes in trade agreements that may affect their preferential customs duty rates.
  
  Related Information: 
  For more information on SAP GTS and preferential customs duty rates, please refer to the SAP Help Portal or contact your local SAP representative.