CBP News: In-Bond Reporting, Interest Rates, Customs Assistance Pact
U.S. Customs and Border Protection has announced that effective July 29 all in-bond exports, arrivals, and diversions must be reported electronically through the Automated Commercial Environment. As of that date CBP will no longer accept paper copies of the CBP form 7512 to perform arrival and export functionality and an ACE edit will issue a rejection if these actions are not performed. However, air shipments will continue to be exempt from these requirements and trade members can still request manual CBP posting for these shipments.
CBP adds that no date has yet been set for implementation of the provision requiring the six-digit Harmonized Tariff Schedule number for immediate transportation movements.
For more information, please contact trade consultant Tom Gould (213) 453-0897.
CBP has updated its list of the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties. For the quarter July 1 through Sept. 30, 2019, the interest rates for overpayments are four percent for corporations and five percent for non-corporations, and the interest rate for underpayments is five percent. These rates reflect a one percentage point decrease from the previous quarter.
CBP has signed a customs mutual assistance agreement with Tunisia, bringing the agency’s total number of such pacts to 81.
CMAAs provide the legal framework for the exchange of information and evidence to assist countries in the enforcement of customs laws, including with respect to duty evasion, trafficking, proliferation, money laundering, and terrorism-related activities. CMAAs also serve as foundational documents for subsequent information sharing arrangements, including mutual recognition arrangements on authorized economic operator programs.