A vendor recently shipped a certain quantity of item A with an agreed uponpurchase price reflected on the invoice for those goods. The vendor shippedan additional quantity of item B which was not ordered, and listedas “F.O.C” (free of charge) on the commercial invoice. If PPP is the price agreed upon at export, and the […]
Question:Does anybody have a transfer price procedure that can be shared with me?
Question:As part of our warranty service program, we receive goods from overseas customers for repair. After repair we ship the goods back to the overseas customer. I am trying to determine what value to report to US Customs at the time of importing into the US (it’s a defective item) as well as what value […]
Question:I was wondering if the membership can help me better understand through providing resources, or your own understanding of how hedging in a foreign currency and the exchange rate affects the entered value of an importation. Generally, it is standard that the foreign currency is calculated at the USD equivalent set forth under 19 CFR […]
Question: My company is exporting prototype PCBs for testing to our office inShanghai.The prototypes have no commercial value since they are pre-productionR&D stage. The only value I can devise is the price we paid for theboards, components, etc. How does the industry value their prototypes?Obviously, I need to use a defensible methodology, but seek somefeedback. […]
Question: For those of you who pay a Buying Commission to a bone fide buying agent,please advise how you notate this in the commercial documents for customsentry. Do you state the commission percentage (payable) on the commercialdocuments? We do have a separate commission invoice, but it is not availableat time of entry. Currently we have […]
Question:My company recently started using Standard cost on imports from a related party and as a consequence flagged entries for reconciliation and used computed value as the appraising method; I forwarded the computed value section in the “customs Valuation encyclopedia” and in the FA program manual to my cost accounting group to give them guidance […]
Question: Since the First Sale data collection period is over, is it still a requirement to flag first sale on the invoice or entry? CBP will be gathering information on use of the “First Sale Rule”, under which an importer can declare a lower value from a sale prior to the value of the final […]
Question:I was reading a past post named “Valuation Q&A 40”, and found the following statement, which has some great information and I have a follow up question for the membership. (Hopefully George will not mind either) A good resource to review is Customs’ informed compliance publication on “sales for exportation.” (http://www.cbp.gov/linkhandler/cgov/toolbox/legal/informed_compliance_pubs/ icp010r2.ctt/icp010r2.pdf) The appropriate value […]
Question: Occasionally when purchasing an item companies add on a ‘core charge’ which is refundable once the purchaser returns the defective item. For example: 1 transmission pump $ 600.00 1 pump core charge $ 125.00 Total $ 725.00 How are other members handling this scenario with respect to imports into the U.S. […]
Question:Our company is IOR. We purchase goods from an unrelated foreign middleman and meet all the requirements of first sale as presented by CBP. The foreign middleman passes us the manufacturer’s invoice which is the first cost invoice for dutiable value of our shipments. I am wondering for our Customs compliance procedures, what is the […]
Question: Our company is a large multinational that routinley does retroactive pricing adjustments on product groups for goods that are imported into the U.S. The pricing adjustments need to be disclosed to customs. How are other members of multinational companies handling this? We have identified where the adjustments are coming from and how much we […]
