When the United States enacted the Customs Modernization Act in 1993, it transferred responsibility for classifying goods from U.S. Customs to you, the importer of record. Now your company must be sure to properly classify all your imported goods, accurately report the value of them, and determine and pay the appropriate duties.
To help improve its efficiency and your accuracy, Customs requires importers to create a set of standard operating procedures you’ll use for every import. To ensure these procedures are being followed and producing accurate results, Customs periodically audits these procedures to ensure compliance with import regulations.
Audits and Compliance provides you with an overview of the Customs Modernization Act including a reasonable care checklist, an explanation of the audit procedures called “focused assessment,” and the current record-keeping requirements. There are chapters explaining how to classify your products under the Harmonized Tariff Schedule for proper duty rates, the correct value to declare to Customs on your invoices, and special import requirements on country of origin marking, quota and others.
January 2007 - 267 Pages
Also Available as an eBook | About eBooks
Book Chapters
- Customs Modernization Act
- Audit Procedures
- Trade Guidance
- Pre-Assessment Survey Internal Control Overview
- Recordkeeping Compliance Program
- Importer Self-Assessment Program (ISA)
- Fines, Penalties, Forfeitures, and Seizures
- Standard Operating Procedures
- Resources for Audit Sampling
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Audits and Compliance reference book today!
