Tags: Bond Type: 301-1 – Importer

When U.S. Industries have suspicion that specific commodities from certain countries are being imported and sold below fair market value, they may petition the U.S. Government to impose  special duties on imports of these goods.  These duties are referred to as antidumping duties (ADD). Similarly, when U.S. Industries have suspicion

There is so much more to Customs bonds than just financial underwriting.  The complex system of laws, regulations and taxes that principals who are involved in international trade are expected to know and be familiar with can be daunting.  In fact it is often the Customs specific risks that can

When an import is made into the U.S., the duties, taxes and fees are due to CBP within 10 days. The Periodic Monthly Statement Processing Program (PMS) allows the principal to pay these duties, taxes and fees on the 15th working day of the following month. This program is only

Reconciliation is a CBP process which, according to CBP, “allows the importer, using reasonable care, to file entry summaries with CBP with the best available information, with the mutual understanding that certain elements, such as the declared value, remain outstanding. At a later date (anywhere from 12 to 21 months)

An importer bond, or Activity Code 1, is the most common type of Customs bond. This type of bond allows an importer of merchandise to bring their goods into the United States. The bond guarantees that the entry paperwork is filed correctly by the principal or principal’s customs broker and

A Temporary Importation entry, or TIB (which stands for Temporary Importation Bond, a misnomer), is one of several ways goods can be entered into the U.S. When goods are entered in this manner, the importer is declaring to Customs that they are exempt from having to pay duties as the

Through the years, Customs has had a number of different policies for ensuring that principals maintain bonds in an adequate amount. Customs’ current requirement is that a continuous importer bond be set in an amount equal to 10% of the duty, taxes, and fees paid to Customs in the last

An importer bond, or Activity Code 1, is the most common type of Customs bond. This type of bond allows an importer of merchandise to bring their goods into the United States. The bond guarantees that the entry paperwork is filed correctly by the principal or principal’s customs broker and