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 the appropriate amount of duties, … Read more
Antidumping duties are special duties imposed upon importers of specific commodities from certain countries when the U.S. Department of Commerce feels that such importation may be harmful to domestic producers of these goods. Because of the involvement of other government agencies to determine these duties, such as the Department of Commerce, the entry liquidation period … Read more
When an import is made into the U.S., the duties, taxes and fees are due to Customs 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 offered for continuous Importer bonds … Read more
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 … Read more
