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Entry Summary, FTZ Information Collections Under Review

Tuesday, November 08, 2011
Sandler, Travis & Rosenberg Trade Report

U.S. Customs and Border Protection is inviting comments on the proposed extension of the following information collections.

• Entry Summary (CBP Form 7501) – This form is used to identify merchandise entering the commerce of the United States and to document the amount of duty and/or tax paid. It is submitted by the importer or the importer’s agent for each import transaction. The data on this form is used by CBP as a record of the import transaction; to collect the proper duty, taxes, certifications and enforcement information; and to provide data to the Census Bureau for statistical purposes. Comments are due no later than Jan. 9, 2012.

• Foreign-Trade Zone Annual Reconciliation Certification and Record Keeping Requirement – FTZ operators are required to account for zone merchandise admitted, stored, manipulated and removed from FTZs. They must prepare a reconciliation report within 90 days after the end of the zone year for a spot check or audit by CBP. In addition, within 10 working days after the annual reconciliation, FTZ operators must submit to the CBP port director a signed letter certifying that the annual reconciliation has been prepared, is available for CBP review and is accurate. Comments are due no later than Dec. 8.

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