Customs has announced that the reconciliation prototype will finally transition from ACS to ACE on February 24th of 2018.
After a few rounds of delayed implementation dates, the ports are actively liquidating Reconciliation filings to clean up before the deployment. We think the switch to ACE might actually happen this time.
There are some major changes that are coming to the program that the importing community should be aware of.
Topics: Reconciliation
Learning how to take full advantage of CBP’s ACE reports is a process. To this end, CBP has produced a series of educational videos dedicated to running, modifying, and saving ACE Reports.
I have watched them, and I believe that they would be useful for any ACE user, from the novice to the expert, and everyone in between.
Topics: Compliance Training
At present, there seems to be a renewed interest in the venerable Winston Churchill in popular culture. Between John Lithgow’s portrayal in The Crown and Gary Oldman’s version in The Darkest Hour, we are presented with a reintroduction to some of Mr. Churchill’s more memorable quotes. One of my favourites is, “There is nothing wrong with change, if it is in the right direction.”
Unfortunately, this quote does not accurately reflect customs duty adjustments based on retroactive changes in transfer pricing agreements.
Topics: Europe
2017 is in the books and was, by many accounts, a tumultuous year for the world. President Trump began his presidency that continues to transform world politics, the U.K. triggered Article 50 to begin the Brexit process, Mohammad bin Salam in Saudi Arabia is reshaping the Middle East, there is saber-rattling on the Korean Peninsula, and I have not even mentioned China.
Every corner of the world is experiencing a level and a speed of change and transition that we typically only see in wartime. There was also that solar eclipse in North America. How cool was that?
Korea is introducing a new Importer Self-Assessment (ISA) program allowing companies the opportunity to file an annual ISA report in lieu of undergoing a Customs Assessment. It also provides the extra benefit of allowing VAT recovery on additional duties payable, which is an obstacle under the current system.
The reality of the ISA program is that it is practically impossible for customs to verify the legality of all import declarations due to the limited manpower of the auditors. Given this circumstance, customs audits were primarily focused on the collection of additional duties. This increased the number of objections and appeals filed against Customs, proving to be a burden for both businesses and tax collection.
