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.
Breaking News: Product Exclusions Granted for List 3
On August 5, 2019 the USTR (United States Trade Representative) announced that product exclusions have been approved for S301 List 3 duties. The product exclusions are broken into ten new product-specific descriptions such as certain plastic containers, pet cages, shopping carts and inflatable kayaks and boats.
CBP Promises Transparency and Commitment to National Security at 2019 Trade Symposium
Over 1,200 members of the trade community including importers, exporters, customs brokers, forwarders, carriers and various supporting businesses descended on Chicago July 22-24, 2019 to hear from the top leadership of the U.S. Customs and Border Protection (CBP) service. Speakers included Mark Morgan (Acting Commissioner of CBP), Kevin McAleenan (Acting Secretary of DHS) and Brenda Smith (EAC from the Office of Trade). Also in attendance were speakers from CBP, FDA, DOC and USTR.
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.
PierPASS Rate Increase
PierPASS was established as a not-for-profit company in Los Angeles/Long Beach in 2005 with a goal of addressing multi-terminal congestion issues. The terminals began to have peak hours and non-peak hours, which helped the flow of trucks coming into the ports to pick up containers. The Traffic Mitigation Fee (TMF) was assessed on each truck that came in during “peak” hours, encouraging more movement at off-peak hours, evening hours. The strategy was to improve energy efficiency, air quality, safety and security as well as congestion in the ports.
Q2 2019 brought many updates to tariffs, regulations and more in the international trade industry. We've compiled a recap of all of the must-know trade updates for importers and exporters as we embark on Q3.
Customs Trade Partnership Against Terrorism (CTPAT)
Customs and Border Protection (CBP) recently held their annual CTPAT Conference in San Antonio, TX, with an attendance of over 1,500 CTPAT members – from importers and exporters to Canadian and Mexican foreign manufacturers, from highway carriers and sea carriers to brokers and freight forwarders. A sea of people converged upon the seventh largest city in the nation and CBP did not disappoint – providing valuable information regarding the updated Minimum Security Criteria as well as how security in our agriculture is vital to our economy.
International Trade News: S301 List 3 Tariff Exclusion Requests
According to a notice issued by the Office of the United States Trade Representative last week, requests for S301 List 3 exclusions may be submitted between June 30, 2019 and September 30, 2019 through the USTR website, which will be available on June 30. Once a requester is registered, they may complete one or multiple exclusion requests. The notice provides a replica of the form and what information must be provided.
International Trade News: U.S. and Mexico Have Reached a Deal, Suspending Tariffs "Indefinitely"
The proposed additional five percent tariffs on goods from Mexico that were set to go into effect on June 10, 2019 have been "indefinitely suspended" due to a deal between the U.S. and Mexico, which occurred on Friday, June 7, 2019. According to the U.S. Department of State, the U.S. and Mexico will commit to strengthening bilateral cooperation and implementing Migrant Protection Protocols.