Trade Publications

Informal Entry Changes

Posted on December 01, 2012. Category: Trade Publications

U.S. Customs and Border Protection (CBP) has issued a final rule regarding changes to what may be considered an “informal entry.”An “informal entry” has been any shipment valued at less than $2000. Anything valued at more than $2000 is considered a “formal entry” and requires a customs bond and a minimum merchandise processing fee (MPF) payment of $25. As of Jan. 7, 2013 the minimum value for an “informal entry” will be raised to $2500 for qualifying items. Also, any qualifying shipment valued under $2500 will be eligible to clear without a bond, in an expedited...

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U.S.-Panama Trade Promotion Agreement Implementation

Posted on November 15, 2012. Category: Trade Publications

The U.S. - Panama Trade Promotion Agreement was signed into law in October of 2011, however it was not implemented.  President Barak Obama has proclaimed that it is effective as of October 31, 2012.       Here is what you need to know about the U.S. – Panama Trade Promotion Agreement:General Note: Harmonized Tariff Schedule General Note 35 (GN 35) will contain specific information on this agreement. Originating goods:1)    Good is wholly obtained 2)    Good is produced entirely in the territory  a.    Each of the non-originating materials undergoes an...

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Customs Recordkeeping Made Easy

Posted on November 11, 2012. Category: Trade Publications

Having trouble locating a specific customs record?  Do you have to look through filing cabinets for old documents or travel offsite and rummage though boxes and files to find a customs entry?  U.S. Customs requires that importers retain their records for a period of 5 years.  This can be a daunting task.   An importer may be subject to customs penalties if a document can’t be produced.   Additionally if an importer asks their broker(s) to send them copies they may find a hefty charge associated with this request.  Allyn International’s...

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