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Our objective is to mitigate or eliminate import duties for our clients. To accomplish this objective, we have partnered with industry leaders in temporary duty suspensions, free trade agreements, foreign trade zones, duty drawback, and binding rulings requests.
Temporary Duty Suspensions are tariff numbers inserted in Chapter 99 of the U.S. Harmonized Tariff Schedule which allows for duty free status on imports for up to three years. Temporary duty suspensions can eliminate import duties on raw materials, component parts, or even finished
Effective management of trade preference programs such as the North American Free Trade Agreement (NAFTA), the Generalized System of Preferences (GSP), the Caribbean Basin Trade Partnership Act (CBTPA), the Andean Trade Preference Act (ATPA), the U.S./Israel Free Trade Agreement. Our partner can assist corporate clients in optimizing the use of trade programs to take advantage of duty-free provisions.
Foreign Trade Zones (FTZs) were created in the United States to provide special customs procedures to U.S. plants engaged in international trade-related activities. Duty-free treatment is accorded items that are processed in FTZs and then reexported, and duty payment is deferred on items until they are brought out of the FTZ for sale in the U.S. market. This helps to offset customs advantages available to overseas producers who compete with domestic industry
Duty drawbacks allow our clients to receive refunds of 99% of customs duties paid on imported merchandise which is subsequently exported.
Customs and Border Protection has up to three years to determine if duty deposits are accurate, We encourage all our clients to obtain a binding ruling to safeguard against the overpayment of duty or unexpected additional duty bills. A binding ruling is a written statement issued by the U.S. Customs Service Office of Regulations and Rulings stating a specific article's proper classification and duty rate. Binding rulings must be accepted by all Customs Officers at all ports of entry from the effective date of the ruling onward. Shipments with a binding ruling have a higher percentage of electronic releases, less requests for further information by local Customs Officers, and fewer cargo examinations.
For guidelines on obtaining a binding ruling, please click here. To research binding rulings on the U.S. Customs web site, please click here.
Customs and Border Protection makes the final determination of the correct classification and rate of duty, not the importer, exporter, customs broker, consultant, or attorney. The Customs Modernization Act has placed the responsibility on importers to ensure that their merchandise is properly entered and assessed with duty. As your Customs broker, we can assist in meeting these responsibilities. We assist you in obtaining the lowest duty rates permissible under current U.S. laws and regulations
For more information on binding rulings please contact us at info@magicbrokers.com |
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