Question: DESCRIPTION OF VALUATION Style 42J9 – original FOB value $2.50 Reduced FOB for Late Ship value$1.42 Style 821D – original FOB value $6.48 Reduced FOB for Late Ship value$4.08 Style 822D – original FOB value $6.92 Reduced FOB for Late Ship value$4.36 Ship date no later than 1May09. Actual ship date for all 3 […]
Question: I ran into an unusual situation regarding valuation of goods for US entry and would like to hear others opinions on how the goods should be valued. The goods involved are articles that were purchased by a Canadian company’s Mexico client from a US company that supplied the goods out of Europe delivered […]
Question: I have been asked to write a company directive on how to handle imports for trade shows and exhibition. We are a global company so the directive needs to speak to imports into the U.S. and other countries around the world. I know each country will have their own guidelines but have no […]
Question: During QC check the buyer determined that one style of sweater was poorly sewn and did not pass inspection. The style was mistakenly packed with other garments and delivered to the forwarder and included on the invoice. It was too late to pull the goods from the consolidator so they shipped to […]
Question: Do any of the members know about an industry practice where the FF deducts a flat 10% from the value of an invoice when the INCO term is C (the 10% is an estimate for the freight and insurance)? I have a FF telling me this is standard industry practice and required […]
Question: We’ve recently implemented a First Sale program with a few suppliers. Our broker has since asked for an increase in their rates to reflect the additional paperwork and steps involved in the first sale entries. Has any other member been asked for a similar rate increase after implementing First Sale?
Question: Our company is new to reconciliation and I was advised to flag everything that comes in and then weed out what doesn’t need to be sent to customs when we file. We are flagging for value. I thought anything that is at transaction value doesn’t need to be flagged and only items coming from […]
Question:Does anyone out there have a policy or procedure on determining the value for used equipment that no longer has value on the books? My company is starting to move older equipment out to some of our global facilities and some of those locations are sending equipment here that they aren’t using. Much of this […]
Question: Goods are imported from a supplier using a mold to be paid for by the importer, but the actual payment for the mold may not happen for 2+ years after the first importation. A purchase order or agreement for the importer to pay for the mold does exist, but quality concerns and other approvals […]
Question: My question is about the expenses that should be included in the actual value when preparing the reconciliation entry. According to §152.106, computed value includes: 1) the cost or value of the materials and the fabrication and other processing of any kind employed in the production of the imported merchandise; 2) An amount for […]
Question: We sell a product to a company that usually imports it on their own account and tooling for that is provided by our parent company overseas to the foreign manufacturer. The parent company bills us the cost of that tooling, and we bill the customer. My opinion, this does not qualify to be an […]
Given: The valuation rules allow me to deduct the cost of ocean freight from the CIF price of my imports. Further details: I understand that the deduction has to be tied directly to the shipment and that I can not take any kind of an average or pro-rated from contract rate for the deduction. It […]
