Hello Friends. Just a reminder that billions of eligible drawback dollars go unclaimed each & every year here in the US. Yep..…you heard that right. In this new year and tough economy, we should be looking at every opportunity to positively impact the bottom line. If you haven’t established a duty drawback program, there is no better time than the present. Understanding and effectively utilizing duty drawback is crucial for automotive OEMs to thrive in the face of global competition.
Topics: Duty Drawback
Are you a target this year?
Customs Audits……The Canada Border Services Agency (CBSA) has released its compliance targets for 2024.
Topics: Import Consulting, North America
This is the day that we commemorate the first meeting of the World Customs Organization (WCO), which was held in 1953, as well as to honor the role Customs authorities play in the regulation of the movement of goods across borders, globally. The WCO is an organization that makes it their mission to provide leadership, guidance, and support to local and regional Customs administrations.
Topics: Customs
Since 1993, Reconciliation entries have been a pivotal tool for US importers to simply and expediently make changes to certain elements of an import entry. While some very, very limited classification and 9802 changes can be made using reconciliation filings, the vast majority of adjustments are for value changes after importation or retroactively claiming a free trade agreement like USMCA and 9802.
Topics: Import Consulting, North America
Starting in 2022, the US Bureau of Industry and Security (BIS) implemented complex new export regulations that have a widespread impact on businesses. The first BIS update to include the Advanced Semiconductor Controls regulations was originally published on October 7th, 2022. The update just celebrated its first birthday and was recently updated to refine controls. Processing units for artificial intelligence workloads were a notable target of the update, setting tighter restrictions on AI chips and semiconductor manufacturing equipment and introducing new BIS entity lists restricting transfers with hundreds of foreign companies.
Topics: Export Consulting, North America
