What is Reconciliation?

Posted on: April 30th, 2011 • In Bond Type: 301-1 - Importer, Bonds

Reconciliation is a customs process in which participation requires a principal to add a special rider to their continuous importer bond.   It allows an importer to estimate the value of goods entering the U.S. and pay any duties, taxes and fees based on that amount. After a period of 18-21 months, when the importer has determined the actual value of the products imported, the importer informs Customs of this total. Customs will recalculate the duties, taxes and fees based on this information and the entry will be liquidated, with a bill or refund to the importer.

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