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Mod Act Recordkeeping Requirements Under Review

Thursday, August 06, 2015
Sandler, Travis & Rosenberg Trade Report

U.S. Customs and Border Protection is accepting through Oct. 5 comments on the proposed extension without change of the Customs Modernization Act recordkeeping requirements. The Mod Act expanded the list of parties subject to CBP recordkeeping requirements, distinguished between records that pertain to the entry of merchandise and financial records needed to substantiate the correctness of information contained in entry documentation, and identified a list of records that must be maintained and produced upon request by CBP. The information and records are used by CBP to verify the accuracy of the claims made on entry documents regarding the tariff status, admissibility, classification/nomenclature, value and rate of duty applicable to the entered goods.

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