The Trade Facilitation and Trade Enforcement Act of 2015 (TFTEA) is an authorization of CBP’s trade authority and was enforced to create an environment for fair, honest and competitive trade in the United States. Section 906 of TFTEA made a comprehensive set of changes to drawback claim filing. Even though TFTEA was only signed into law in 2016, it is necessary to know these recent changes since it greatly effects the drawback application process.
Duty drawback can be a great opportunity for companies to save on duties, but to utilize it to its full extent it is necessary to understand the intricacies of the program. There are strict time frames that must be abided by and record keeping is imperative. The duty drawback regulations have changed recently due to TFTEA (Trade Facilitation and Trade Enforcement Act) and manual claims are no longer accepted, however Ascent Global Logistics can help you get your duty drawback claim filed electronically under the new regulations.
Below are a few tips and tricks from the Ascent Global Logistics Duty Drawback team on how to get started and participate in duty drawback.
Duty drawback is a Customs and Border Protection (CBP) program where companies are refunded up to 99% of customs duties, taxes and/or fees that were previously levied upon imported merchandise, and of internal revenue taxes paid on domestic alcohol as well as other excise taxes. Duty drawback, however, is one of the most complicated commercial programs managed by CBP. Thus, it is important to have a clear understanding of all facets of how the program works and develop a relationship with a reputable drawback broker, who can help you navigate the rules and international laws.
The team at Ascent Global Logistics is ready to help you work through these complexities by determining if your situation qualifies for the Drawback Program.
As the new year begins, many will make New Year’s resolutions to save money, lose weight, get in shape, travel more, read more books, learn a skill or hobby and a whole host of other goals. But New Year’s resolutions don’t have to just apply to personal health and wellness.
When is the last time you found a few random quarters lying around your house? Was it last week? Last month? Last year? One can only image how satisfying it was to find extra change lying around. Ultimately, that day was probably a very good day for you…
What is the Generalized System of Preferences (GSP) trade program? What is the current status of the program? What countries are involved? What are some examples of GSP eligible products? Read below for answers to these common importer questions and more.
When importing products into the United States, some commodities are subject to Non-Tariff Barriers, which include quotas, licenses, subsidies and additional duties. These barriers are designed to discourage demand of an imported product, protecting domestic producers from foreign competition.
Please plan to join our International Freight Forwarding team from Marisol International, an Ascent Global Logistics Company, on Thursday, July 13 for the next Transportation & Trade Workshop in Memphis, TN.
Global supply chains are extremely complex networks which require involvement by various professionals who must execute different tasks. Two of the most important parties involved in an international shipment are the freight forwarder and the customs broker. One company is often both the freight forwarder and the customs broker, however, the two can be independent of each other due to the differences in responsibilities and capabilities.
Is your company importing goods into the United States or considering importing in the future? To import successfully, the importer must have a customs bond on file with U.S. Customs and Border Protection (CBP). Customs bond compliance can be simple, but there is important information every importer should be familiar with.