Question: I have a shipment coming from china, is zakah due on it? It’s not in my possession, it’s still in the waters.
Answer: Possession for Zakah on business inventory is not just about physical possession, but also ownership and control over the asset.
-If you have paid for the goods and the seller has released it,  then who does it belong to? Obviously you. Thus, even if the shipment is still in transit or at customs, you are still the rightful owner of it.
-Since ownership is legally transferred to you, it is part of your zakatable business assets.
-If the goods are on credit, Zakah is still due on the portion you own. Immediate debts can be deducted from your zakatable wealth. If ownership has not yet transferred, meaning it still belongs to the supplier, then there will be no Zakah on it as of yet. If you have not taken ownership (e.g., supplier still has full control), it is not considered your asset yet, thus no zakah.

Take note of these points:
-Zakah is due based on ownership and control of an asset, not just physical possession.
-If the shipment is delayed, in transit, or at customs, but you already own it, then it’s part of your zakatable inventory.
-If ownership has not been transferred, you do not count it as of yet.

Allah Certainly Knows Best.

P.s. If ownership has transferred but customs would not release it and the wait is beyond what is normal for that given period in time, the above answer may change.