Binding rulings allow an importer to get a determination on the correct classification and duty rate for their products in advance of importation. A binding ruling request can be submitted electronically or in a letter to the CBP Information Exchange, National Commodity Specialist with a detailed description of the product along with relevant specifications, descriptive literature and samples. The importer generally receives a response within 30 days. Once Customs issues the ruling, the classification is binding for all US ports.
Topics: Free Trade Agreements, HS Classification
In most operations, the compliance department audits and approves the duty bills as part of its responsibilities. The good news is that the U.S. government will accept many forms of payment for import duty and fees:
- U.S. currency and coins
- Bank drafts
- Cashiers' checks
- Certified checks
- Personal checks drawn on a U.S. financial institution
- Domestic travelers' checks
- U.S. Governments checks endorsed by the payee to the U.S. Customs and Border Protection
- Money orders (U.S. Postal, bank, express or telegraph)
The bad news is that there’s no clear way for an international compliance group to show that these every-day compliance processes improve the bottom line. Or is there?
Topics: Duty Drawback, Free Trade Agreements, Export Consulting, Import Consulting
Under Free Trade Agreements (FTAs), companies are able to reduce their duty liability on qualifying goods sourced in FTA countries. This might seem like a simple undertaking until you take into account everything that must be done to benefit from continued lower duty costs under an FTA.
