What is an Import Penalty?

What is an Import Penalty?

Inaccurate classification of goods, valuation of goods, country of origin, or goods not invoiced or declared can lead to CBP applying an import penalty on an importer. Import penalties are fines and legal action applied to importers by U.S. Customs and Border Protection (CBP) when goods are imported into the United States in violation of…

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Types of Customs Import Duties

Types of Customs Import Duties

When importing into the United States, shippers should have an understanding of the different types of duties they will be required to pay upon entry. Customs Duties are an indirect tax imposed on goods imported into the United States. The government collects customs duties to protect the economy, citizens, jobs, environment, and more by controlling…

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How are Import Duties and Taxes Calculated?

How are Import Duties and Taxes Calculated?

Those curious about how import duties, tariffs, and taxes are calculated can find out more in this condensed guide. Duties, tariffs, and taxes are something that all importers are familiar with. These government expenses are calculated using specific and regulated methods. How Import Duties and Tariffs are Calculated Step 1: Determine the duty percentage rate…

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What is the difference between taxes, duties, and tariffs?

What is the Difference Between Taxes, Duties, and Tariffs?

Taxes, duties, and tariffs are often and easily confused with one another when it comes to international shipping. Importers need to understand what they mean and what the key differences are. Duties and tariffs are different types of taxes imposed on foreign goods. A tax is a charge imposed on a taxpayer by a government….

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What is an Importer of Record?

What is an Importer of Record?

An Importer of Record is responsible for entry documents required by U.S. Customs and Border Protection, product classification, payment of duties, and other import obligations needed to import goods into the United States. The Importer of Record (IOR) is the owner, purchaser, consignee, or authorized Customs broker of imported products coming into the United States….

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The 6 Methods of Customs Valuation

The 6 Methods of Customs Valuation

Customs valuation is generally determined using transaction value. However, when using transaction value is insufficient, valuation can be determined using 5 other methods. The 6 Methods of Customs Valuation Method 1: Transaction value Method 2: Transaction value of identical goods Method 3: Transaction value of similar goods Method 4: Deductive method Method 5: Computed method…

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