TradeLane

As a customs compliance guru for 19 years, I can tell you a lot has changed in terms of technology and data. US Customs alone has spent billions of dollars improving the data that comes from international trade into the United States. When thinking about your supply chain, it is tempting to only think about transportation. But as a lot of importers can attest to, Customs audits can be costly and delays due to Customs can erode your customer’s confidence. Just as cycle and transit times are important, there is quite a lot of data reporting in the compliance world as well.

So what kind of compliance data exists and how will you make use of it?

While I was in college, there were a few great gifts. Snow days and deadlines extended by my professors. For those that are involved with Drawback and Reconciliation entries, it’s time to get giddy. 

Get a start on the New Year by gaining an understanding of the upcoming changes.

In our continuing efforts to prepare the trade community for the significant changes Customs Border and Protection (CBP) is enacting for Reconciliation entries, we offer this blog with updated information.

As a part of U.S. Customs and Border Protection’s (CBP) commitment to educate the Trade Community, Informed Compliance Publications (ICP’s) provide guidance around complex import regulations. On July 9^th 2014, CBP issued a draft revision to the ICP entitled “Bona Fide Sales & Sales for Exportation to the United States”. This ICP is key in outlining the requirements to appraise imported merchandise using the First Sale for Export value. In this early draft, CBP is proposing significant changes to this 2005 publication.

It is important to understand how these changes may influence an importer’s First Sale for Export program structure and is a great opportunity to evaluate its risks and rewards. Please remember that the ICP update is draft of the proposed language at this date. Some of those proposed changes highlight and reiterate the following: