It is essential for importers to have a system in place to properly report the correct value of imported merchandise to U.S. Customs upon entry. Otherwise, imports may be under or overpayment customs duties to U.S. Customs. Diaz Trade Law assists in analyzing valuation methodologies to confirm imports are using a correct valuation upon importation. Correct valuation is a part of the importer of records “reasonable care” requirement. Penalties for non-compliance can be severe. 19 U.S.C. 1592 is the statute CBP references when issuing penalties for negligence, gross negligence or fraud – depending on the degree of culpability CBP believes you had at the time of your non-compliance.
Want More Information?
Relevant blog posts:
- Why You Need Your VERY OWN ACE Account
- Customs Valuation 101
- Why Pre-Compliance is a MUST
- Should You Get a Binding Ruling?
- Future of First Sale Rule in Question
- Using a Middleman? Learn How to Lower Your Customs Value Using First Sale!
Relevant on-demand webinars: