QUESTION: I’m interested to learn which reports are used by members filing recon? Are any of the members using U.S. Customs’ Masterfile Extract and Liquidation Extract files when preparing to file recon entries? Or, are you using only the ACE and ITRAC data? Thank you! ========== Answer: Yes, we also use Masterfile Extract […]
QUESTION: Seeking input from group regarding any experiences similar to the following scenario: -Importer enters product utilizing estimated “Computed Value” as the basis of appraisement -All products are imported utilizing “Computed Value” and all have been “free of duty” as NAFTA originating goods -Importer, for many years, was a Reconciliation participant (calendar year filing […]
QUESTION: Does anyone in the membership have a Recon procedure they would be willing to share? ========== Answers: Talk with your broker, it is going electronic. ========== The question is awfully broad. One really needs to understand a lot more details to come up with a recon process, however, here are some general thoughts: […]
QUESTION: Does anyone in the membership have a template in Excel they use to collect data for Recon they would be willing to share? ========== Answer: Please see attached. http://www.icpainc.org/wp-content/uploads/2014/10/5982fe7b3be61.xlsx =========
QUESTION: Discovered a valuation error as a result of a CF-28 request. It was a related party transaction with a computed value methodology (claimed – not tested/validated). We discovered that the value declared on the invoice for the item the CF-28 flagged was really low (for example the value declared didn’t even cover the material […]
QUESTION: We are an importer using the Reconciliation program. We usually file the Recon entries about 180 days after the entry. Even after the Recon entry has been filed, could we still file a qualifying UKFTA 520D claim (which has a time limit of 1 year)? If yes, would the 520D claim be filed against […]
QUESTION: Value reconciliation has not been done in my company for a number of years and I’m looking to start it up again. I guess this is one of those things that were not properly documented and failed to continue. I’ve been having a difficult time trying to understand the import process to make sure […]
QUESTION: If a Value Reconciliation entry has been liquidated and the importer then determines that additional duties are still owed, what is the process to pay the outstanding duties owed? Must the Importer file a Prior Disclosure or is there an opportunity to protest the Reconciliation entry? ===================== ANSWERS: Yes, a recon entry is protestable, […]
QUESTION: Since Customs does not allow informal entries to be flagged for reconciliation, does this mean they are not interested in reconciling these low value shipments? If we are doing recon for valuation reasons, are we obligated to file our low value shipments as formal entries in order to reconcile them? Or can we assume […]
Question: Do Mexico and Canada have Reconciliation programs similar to that of the US? Specifically, I am wondering what the procedures/process are available for imports into Canada and Mexico in cases where only provisional values are available at the time of import and will likely change a couple of months after entry. ========== Answers: Canada […]
Question: Is it possible to get a company’s reconciliation due date extended by CBP? I know that value reconciliation is due 21 months after the entry summary date, can we get this extended? Otherwise what are the options if a company is not able to file timely? ************* ANSWERS: Yes and no. The actual time […]
Question: I’d like to ask the membership how to handle reconciliation entries (type 9) that are filed in ACE via one broker but actual reconciliation is handled by another broker. Does the Importer/original filing broker and Broker handling reconciliation all have access to information via ACE? ========== Answer: In ACE, the importer has access to […]
