Customs has announced that the reconciliation prototype will finally transition from ACS to ACE on July 8th of 2017.
There are some major changes to the program, most of which benefit the importer.
For example, the original value, duties, and fees will no longer need to be reported. This will save a considerable amount of time which was previously spent trying to get an exact match in the filing system. These figures will automatically populate after the ACE go-live.
Topics: Reconciliation
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.
Topics: Reconciliation, North America
So does the expression, “don’t blink or you’ll miss it,” ring true with anyone? Like your daughter was two, you blinked, and now she’s a freshman in high school? That would be me! That is so not the case with the reconciliation prototype. I have been blinking for almost 18 years and for the most part, the prototype remains largely unchanged.
So, I don’t blame those of you that haven’t reviewed the January 13, 2016 draft release of the Reconciliation Entry Summary Create/Update ACE ABI CATAIR document. It’s easy to miss things you aren’t expecting or looking for. If you are not familiar with the CATAIR, think CFR’s for programmers. I know, yawn.
Topics: Reconciliation
Recently I assisted a client with a particularly difficult and rarely used provision of the NAFTA agreement. It involved a tariff shift rule and list of exceptions that, when coupled with a specific production process, became problematic.
Prior to contacting Tradewin, the client had a Free Trade ‘expert’ look at the provision of NAFTA and the challenge they were facing. The ‘expert’ came to a very detailed and long winded way of creating massive amounts of work for the client. While the analysis was technically correct for the issue, ultimately it did not fit the bill for the client.
When you’re dealing with something as complicated as a Free Trade agreement you want the quickest, easiest, and most compliant solution. A company needs to have a level of confidence in whoever is performing the task. It’s necessary to know you have the right kind of expert who has actual experience with Free Trade qualification. These issues can and do involve trade secrets, material cost structures, manufacturing process, etc. Companies love “the bottom line” and the faster you get there with the least amount of legal exposure the better.
Topics: Reconciliation, Free Trade Agreements
How often does anyone really get free money? When you buy something at the store only to find out that you need to fill out the card and mail it in to get the rebate. Most people think about it on the way home and then leave the card on their desk.
But, what is the risk? You may end up giving some information to a company that probably already has your information. You may end up actually getting the money back. It is a minor investment of time to recoup some cash. An interesting statistic says that the majority of people who take advantage of rebates live in households that have an annual income of $100,000 or are between the ages of 35 to 64 and are women. Most of the rebates that go unfiled because of a technicality, it is not completed properly, or the man that gets it can’t be bothered to send it in.
I read another statistic that 70% of companies do not fully utilize trade agreements. When your country enters into a trade agreement with a country that you do business with, or want to do business with. What are your options?
Topics: Reconciliation, Free Trade Agreements
