In the event that your client has an annual Carnet bond, this is a reminder that the United States Council for International Business (USCIB) will be issuing letters in the beginning of October confirming the bond amount required for the principal’s annual Carnet bond for the 2016 term. Once this letter is received, please have it emailed to our office and we will email the appropriate forms. Our office has been working with the USCIB to accept electronic bond forms filed by our office. Based on this new filing procedure the filing and processing of these renewal bonds will be easier and faster.
The use of a Carnet allows a principal to avoid posting financial security at the time of entry, eliminates value added taxes (VAT) and simplifies customs procedures, for importation into foreign countries participating in the Carnet program, administered by the USCIB. This is done under the premise that the goods being imported will leave the country in the same condition that they were entered and will not be sold. It provides for unlimited exits and entries into countries that participate in the Carnet program. For more information concerning a Carnet bond, please refer to our website.