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What is Recon Anyways?

Reconciliation is the process by which importers may amend or correct the information of an entry provided to U.S. Customs and Border Protection in relation to duty, classification, or value, following the filing of an entry summary. Once the importer has filed a reconciled entry, which may be for up to 9,999 underlying flagged entries, then the reconciliation entry is liquidated with a single bill or a refund.

It is recommended that Reconciliation be used by importers who periodically make cost adjustments to the price or additions to the value of the goods being imported, such as assists or additional payments, which may be unknown at the time of import.

When filing entry documents, it is required by Customs laws that an importer use reasonable care and ensures that the information being provided is accurate and correct with respect to the amount of duty owed, the value of the merchandise being imported, and its correct tariff classification. Filing an entry with incorrect information can subject the importer to monetary penalties, which can all be prevented with filing for reconciliation. Reconciliation provides the importer with an opportunity to notify Customs that certain entry information is unknown at the time of filing, permits the importer sufficient time to collect and finalize its information, and to submit the new entry information to Customs without being subjected to penalties.

In 2012, approximately 4,282 importers participated in the Reconciliation prototype including many of the largest and busiest importers within the U.S. Customs territory. Over 2.5 million entries are flagged for reconciliation every year. Since the process was commenced in 1998, CBP has reviewed and liquidated thousands of reconciliation entries. All importers are able to participate in the Reconciliation process, and applications may be submitted throughout the duration of the process to the following address:

Reconciliation Team
Customs and Border Protection
1400 L Street N.W.
4th Floor - Reconciliation
Washington, DC, 20229-1143

 

If you would like additional information on whether Reconciliation will be beneficial to your company or if you have any other Global Trade Compliance matter please contact Allyn at (239) 489-9900 or you can email us at sales@allynintl.com. Incorporated in the State of Florida in 1992, Allyn International is a boutique provider of logistics, corporate tax, and global trade services.  Our in-house Customs team has 6 licensed customs brokers on staff in the US and Europe.

(http://www.cbp.gov/trade/entry-summary/reconciliation)

 

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