TradeLane

Accuracy of your HTS classifications is as important as ever.  Have you reviewed your current classification database? Are you aware there could be fines and penalties for incorrect tariff codes.  Coming up, Tradewin will have a two part blog series outlining the importance of accuracy, but first, a reminder of why it is so important!

HTS Classification is a necessary evil. Unfortunately, it is an evil that must be revisited often. There are various ways to approach harmonized tariff classification from doing it yourself, hiring a third party service provider, or just putting the pages up on the wall and throwing darts at it to determine which HTS Classification to use. (While the last one is a great way to relieve the stress of classification, I personally would not recommend this method).

Remember back in your college days, when you had to stay on top of all your financial aid forms?

Remember how your parents would nag you about CSS and FAFSA every year when the submissions were due?

As a current college student and Tradewin intern, I am no stranger to financial aid deadlines and nagging parents – in fact, I’ve got three years of experience under my belt. Although it’s a pain to keep track of all the forms, it is important to make sure they are all filled out correctly and submitted on time. Otherwise, the College Board (or worse, the federal government!) will make life difficult.

Beginning August 1, 2016, the Department of State’s Directorate of Defense Trade Controls is increasing the maximum amounts of the civil monetary penalties it assesses for violations of the of the Arms Export Control Act and the International Traffic in Arms Regulations (ITAR). 

You may have missed it but on February 24, 2016, H.R. 644 became public law. What is H.R. 644 you ask? It is the Trade Facilitation and Trade Enforcement Act of 2015.

Great. More rules. And largely with a focus on CBP, ICE and the GAO. Snooze.

But for importers there really is some awesome news!

I have come to quite enjoy the ‘Full English’ breakfast since moving to London last year. Packed with all the day’s calories and none of its nutrition, the full plate of eggs, bacon, hash browns, beans, and tomato has become a weekend favourite.

My breakfast on June 24^th was a much more sensible choice of coffee and toast. However, it was made memorable by the Referendum results in Britain over whether or not we should stay in the European Union.

With all votes tallied, the United Kingdom had decided by referendum to leave the EU.