Annotation

Today, risk management is viewed as one of guidelines for tax administration modernization. However, it is important to understand that these international standards and guidelines may not be applied equally in all countries due to specific circumstances. Customs risk management must be carried out in accordance with each country’s individual strategy, as a single approach does not suit all customs administrations. In this article, the author explores the importance of risk management as a tool to facilitate trade procedures and collect revenues. This study analyzed successful experiences in the field of risk management in foreign countries. The practical aspect of the study demonstrates that, in general, the level of reliability of customs control in the given jurisdictions depends on the level of development and may differ from that proposed by the World Customs Organization (hereinafter referred to as the WCO). In conclusion, the author highlighted the main specifics and drawbacks of customs risk management and ultimately proposed a set of mechanisms to improve the efficiency of this system.